Taxes

Taxes In Palm Beach County

Florida’s stable and highly favorable tax climate provides advantages that make a Florida location profitable for every type of business. Progressive legislation ensures Florida remains competitive as a worldwide hub for new and expanding businesses. 

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Florida has:

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

State Corporate Income Tax Rate of 5.5%

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

Local Taxes

Ad Valorem Tax Exemption

No County/City Income Tax

Retail Sales Tax (local option) of 1.5%

Tourist Tax of 5% (on accommodation rental of 6 months or less)

Gasoline Tax of 15 cents per gallon

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QUARTERLY PALM BEACH COUNTY BUSINESS MAGAZINE

Palm Beach County Business magazine is recognized as the quarterly business portrait showcasing local influencers and news in the County.

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Layout 1

QUARTERLY PALM BEACH COUNTY BUSINESS MAGAZINE

Palm Beach County Business magazine is recognized as the quarterly business portrait showcasing local influencers and news in the County.

View Now
What They're Saying

“This area has one of the best talent pools of any place in the country. People wake up happy in a community with so much to offer.”

Rob Posner
NewDay USA

“I live just a few minutes from our office in Palm Beach Gardens, so there’s none of the stress involved with commuting in Manhattan.”

Doug Cifu
Virtu Financial

“Compared with New York, I gain 10 to 15 hours of commuting time every week that I can spend with my family.”

Frank Baker
Siris Capital

“If you’re in business or a young couple and don’t live or have a presence here, you’re missing out on something special.”

Stephen Master
GTCR

“It was simply amazing to find a location for our sports venue that was not only in the perfect geographic area for our needs, but also on the campus of a college that educates the next generation of technology professionals.”

Mike McCarley
TMRW Sports

"This is the only place where you can comfortably wear sandals to a business meeting in the morning, enjoy a business lunch by the beach, and tackle a board meeting in the afternoon.”

Benjamin Carson Jr.
FVLCRUM

“There is something for everyone of all ages to enjoy. It’s exciting to see the expansion of our city.”

John Fieldly
CELSIUS

“We run a sustainable and socially conscious farm. We couldn’t think of doing what we do anyplace else.”

Marie Bedner
Bedner’s

“We are one team, dedicated to producing and maintaining the most advanced engines in the world.”

Mary Anne Cannon
Pratt & Whitney

“When I went to our headquarters in Paris and said I was looking for a few engineers to join me, everyone in the room raised their hands.”

Aby Alexander
Thomson Broadcast

“The beautiful weather, favorable location and endless activities are not only a perk for me personally, but also help attract top talent from across the U.S.”

Andrew Shoup
SurGenTec
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