Named by the Tax Foundation as the 4th Best State for its business climate, Florida offers…
- NO corporate income tax on limited partnerships
- NO corporate income tax on subchapter S-corporations
- NO state personal income tax guaranteed by constitutional provision
- NO corporate franchise tax on capital stock
- NO state-level property tax assessed
- NO property tax on business inventories
- NO property tax on goods-in-transit for up to 180 days
- NO sales and use tax on goods manufactured or produced in Florida for export outside the state
- NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
- NO sales/use tax on co-generation of electricity
Florida offers Sales and Use Tax Exemptions on…
- Machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale
- Labor, parts and materials used in repair of and incorporated into machinery and equipment
- Electricity used in the manufacturing process
- Certain boiler fuels (including natural gas) used in the manufacturing process
- Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment
- Machinery and equipment used predominantly in research and development
- Labor component of research and development expenditures
- Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida
- Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft
- Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.
State = 6% imposed upon the list below.
Nassau County = 1% local option.
Municipalities = None 6% sales and use tax applies to:
- Purchases of tangible personal property made in other states by persons or business entities for use in Florida
- Manufacturers on the cost price of products removed from inventory for their own use
- Sale of farm equipment is taxed at 3%
Nassau County Property Taxes
Nassau County property taxes are assessed based upon location within the county.
If you would like more information and are interested in learning more about what tax advantages may be applicable to your business, please call our office at 904-225-8878.
Source: Enterprise Florida