July 24, 2014

Business Advantages in Florida

Encouraging Growth

Sound fiscal policies and targeted incentives make Florida the right business choice.

Janet Ware | 9/24/2009

Florida is consistently ranked among the nation’s best states for business and entrepreneurs because of its pro-business fiscal policies and targeted financial incentives that promote innovation. Why should you do business in Florida? Consider these advantages:

TECO's Bayside Power Station
RKO Industries Inc., a Hendry County company that fabricates railroad ties from the used plastic goods cast off by farms and nurseries, is reaping the benefits of Florida’s business advantages in the form of tax exemptions for electricity use and equipment purchases and reimbursement for workforce training programs.? [Photo: RKO Industries Inc.]
Competitive cost of doing business
Land, labor and capital are more affordable in Florida than in most comparable states, and businesses in certain targeted industries may take advantage of additional incentives. Companies looking for workforce training, road infrastructure and specialized locations also may qualify for specific incentive programs.

Pro-business tax structure
Business dollars go further in Florida because of limited corporate taxes and no personal income tax. And while many other states have seen their bond ratings drop in recent months, Florida’s credit remains solid thanks to its continued history of responsible spending decisions and efforts to build and maintain financial reserves.

Smart laws
Tort reform has long been a priority in Florida. Recent actions include the elimination of joint and several liability, rate reductions for workers’ compensation insurance and class-action suit reform.

Expedited permitting
Florida understands the importance businesses place on certainty, predictability and efficiency in government regulations. The state’s regulatory agencies and local governments continually work to provide quicker, less costly and more predictable permitting processes for significant economic development projects while maintaining high environmental standards.

Available resources
Florida offers access to capital from private sources such as venture capital companies and financial institutions, as well as publicly funded federal and state programs. Strategic business assistance is provided at 34 Small Business Development Centers and at the Disney Entrepreneur Center. Help in preparing Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) proposals also is available through Enterprise Florida.

Tax Advantages

Florida earns high marks for its responsible fiscal policies and pro-business tax code.

FLORIDA IMPOSES NO:

» State personal income tax (constitutionally guaranteed)

» Corporate income tax on limited partnerships or subchapter S-corporations

» Corporate franchise tax on capital stock

» State-level property tax assessed

» Property tax on business inventories

» Property tax on goods-in-transit (up to 180 days)

» Sales and use tax on goods manufactured or produced in Florida for export outside the state

» Sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging

» Sales/use tax on co-generation of electricity

Tags: Politics & Law, Government/Politics & Law, Business Florida

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