Competitive Business Climate
Collaboration and can-do spirit promote business growth.
Taking a Pro-Business Approach
Florida ranks among the best states for business and entrepreneurs because of its pro-business state tax policies and competitive cost of doing business. The state is proud of its competitive and targeted financial advantages.
- Competitive Cost of Doing Business:
Florida offers a cost-efficient alternative to other competitive high-tech states. Put simply, land, labor and capital are more affordable in Florida than in California, New York or Texas. In addition, for businesses in certain targeted industries, the state offers additional incentives. Businesses looking for workforce training, road infrastructure or specialized locations may also quality for specific incentive programs.
- Pro-Business Tax Structure:
Business dollars go a lot farther here given Florida’s limited corporate taxes and no personal income tax. Thanks to a history of responsible spending decisions and high financial reserves, Florida has earned a AAA bond rating — the highest available — while enjoying this low-tax climate. Businesses thrive in this low-tax environment, and their employees enjoy the benefit of no personal income tax.
- Smart Laws:
Tort reform has been a priority for Florida’s business-friendly leaders. Some 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 that businesses need certainty, predictability and efficiency in government regulations. The state’s regulatory agencies and local governments provide quicker, less costly and more predictable permitting processes for significant economic development projects without reducing environmental standards.
- Available Resources:
For entrepreneurs and growing businesses, Florida offers access to capital from private, federal and other sources and strategic business support from the numerous entrepreneurship centers around the state.
- Enterprise Zone Incentives: Florida offers an assortment of tax incentives to businesses that create employment within an Enterprise Zone, which is a specific geographic area targeted for economic revitalization.
- Brownfield Incentives: Florida offers incentives to businesses that locate in Brownfield sites, which are under-utilized industrial or commercial sites due to actual or perceived environmental contamination. [Read more]