Facts and Figures 2021: How Does Your State Compare?
Our updated 2021 edition of Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
1 min readHow does Florida’s tax code compare? Florida does not have an individual income tax. Florida has a 5.5 percent corporate income tax rate. Florida also has a 6.00 percent state sales tax rate and an average combined state and local sales tax rate of 7.00 percent. Florida has a 0.71 percent effective property tax rate on owner-occupied housing value.
Florida does not have an estate tax or inheritance tax. Florida has a 38.6 cents per gallon gas tax rate and a $1.339 cigarette excise tax rate. The State of Florida collects $4,339 in state and local tax collections per capita. Florida has $6,163 in state and local debt per capita and has an 82 percent funded ratio of public pension plans. Overall, Florida’s tax system ranks 4th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Florida is no exception. The first step towards understanding Florida’s tax code is knowing the basics. How does Florida collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Our updated 2021 edition of Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
1 min readHere’s each state’s estimated revenue gains or losses in 2020, alongside the state and local aid that would be allocated to each under the American Rescue Plan Act.
8 min readAmid a debate over water extraction from Florida’s springs, Florida Sen. Annette Taddeo (D) has introduced a bill (SB 562) which, if enacted, would establish an excise tax on water extraction beginning July 1.
4 min readCongress chose to exempt forgiven Paycheck Protection Program (PPP) loans from federal income taxation. Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.
7 min readIndividual income taxes are a major source of state government revenue, accounting for 37 percent of state tax collections in fiscal year (FY) 2017. Several states had notable individual income tax changes in 2020: Arizona, Arkansas, Massachusetts, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Virginia, and Wisconsin.
22 min readTwo states—Florida and Missouri—have held back on online sales taxes thus far following the landmark 2018 Supreme Court case, South Dakota v. Wayfair. Now, lawmakers in both states have filed bills to address the issue this session.
4 min readStates compete with each other in a variety of ways, including in attracting (and retaining) residents. Sustained periods of inbound migration lead to (and reflect) greater economic output and growth. Prolonged periods of net outbound migration, however, can strain state coffers, contributing to revenue declines as economic activity and tax revenue follow individuals out of state.
4 min readWhile many factors influence business location and investment decisions, sales taxes are something within lawmakers’ control that can have immediate impacts.
12 min readThe coronavirus relief package represents the second-largest recovery legislation, behind only the CARES Act, for a combined total of more than $3 trillion in support.
8 min readOn Monday, members of the bipartisan Gang of Eight negotiating an end-of-year pandemic relief package announced that they had settled on language and had divided the package into two bills: a pandemic aid package and a $160 billion state and local support package.
6 min read