Personal and Corporate Tax Rates in Florida
November 16, 2024
Florida is well-known for its favorable tax environment, particularly for its residents and businesses.
1. Personal Income Tax Rate:
Florida does not impose a state personal income tax on its residents. This makes it one of the most attractive states for individuals, particularly high-income earners and retirees, seeking to minimize their tax liabilities. However, residents still need to pay federal income taxes.
2. Corporate Tax Rate:
The corporate income tax rate in Florida is currently set at 5.5%. This rate applies to most corporations doing business in the state, although there are certain exemptions and credits available for specific industries and companies that meet certain criteria. Florida’s relatively low corporate tax rate, along with other business incentives, makes it an appealing location for businesses to establish and grow.
