In this second part of the halftime report for Tax Foundation Forum: Making Sense of Profit Shifting, we discuss the key takeaways from the first half of our series on profit shifting (read part I here). In this post, we...
The facts on Florida’s Tax Climate
0%individual income taxNone
5.5%corporate income taxFlat rate
$1281property taxcollections per capita
Florida's Individual Income Tax System
Florida levies no individual income tax, joining seven other states with the same policy: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Florida's Corporate Income Tax System
Florida's corporate income tax system consists of a flat rate of 5.5%. That rate ranks 13th lowest among states levying a corporate income tax. Florida's state and local corporate income tax collections per person were $104 in 2012 which ranked 19th lowest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Florida Sales and Excise Taxes
Florida levies a 6% general sales or use tax on consumers, which is above the national median of 5.95%. The average local sales tax rate is an additional 0.65%. Florida's state and local governments collect $1106 per person in general sales taxes and $599 per person in excise taxes, for a combined figure of $1705, which ranks 15th highest nationally. Florida's gasoline tax stands at 36.4¢ (8th highest nationally), while its cigarette tax stands at $1.34 (25th lowest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Florida Property Tax Collections Average
Florida's state and local governments collected approximately $1281 per person in property taxes in 2012, which ranks 24th lowest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on April 15th in Florida
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2014, Florida taxpayers worked until April 15th (25th latest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: Georgia, April 12th (ranked 17th earliest nationally); Alabama, April 7th (ranked 5th earliest nationally); and Alabama, April 7th (ranked 5th earliest nationally).
Florida's State and Local Tax Burden Below National Average
Florida's 2011 tax burden of 9.2% ranks 20th lowest out of 50 states, and is below the national average of 9.8%. Florida's taxpayers pay $3699 per capita in state and local taxes.
Florida's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Florida's 2015 Business Tax Climate Index Ranks 5
Florida ranks 5th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: Georgia, 36th, Alabama, 28th, and Alabama, 28th.
State Business Tax Climate Index (full study)
Join the Tax Foundation's fight for sound tax policy Go
Tax By State
For information on your state, select it from the drop-down menu.