Facts & Figures 2024: How Does Your State Compare?
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.
2 min read
Florida Tax Rates, Collections, and Burdens
How 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?
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Featured Articles
2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min read
State and Local Tax Burdens, Calendar Year 2022
Tax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product. Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
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State Individual Income Tax Rates and Brackets, 2024
Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min read
State Corporate Income Tax Rates and Brackets, 2024
Graduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min read
State and Local Sales Tax Rates, 2024
Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
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Cigarette Taxes and Cigarette Smuggling by State, 2021
People respond to incentives. As tax rates increase or products are banned from sale, consumers and producers search for ways around these penalties and restrictions.
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How High Are State and Local Tax Collections in Your State?
Contrary to initial expectations, the pandemic years were good for state and local tax collections, and while the surges of 2021 and 2022 have not continued into calendar year 2023, revenues remain robust in most states and well above pre-pandemic levels even after accounting for inflation.
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Taxes and Interstate Migration: 2023 Update
The latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.
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Jeff Bezos’s Move Undercuts Proposed Washington State Wealth Tax
Whether tax savings motivated his move or not, the implications for Washington are very real, and serve to illustrate just how dangerous it can be to design tax systems that rely so overwhelmingly on a very small number of taxpayers choosing to stay put.
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Excise Taxes and Fees on Wireless Services Drop Slightly in 2023
To alleviate the regressive impact on wireless consumers, states should examine their existing communications tax structures and consider policies that transition their tax systems away from narrowly based wireless taxes and toward broad-based tax sources.
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Short FormDo People Really Move Because of Taxes?
What do The Rolling Stones, NFL star Tyreek Hill, and Maryland millionaires have in common? They all moved because of taxes.
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2024 State Business Tax Climate Index
In recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
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Real Value of $100 by Metropolitan Area, 2023
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
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How Are Electric Vehicles Taxed in Your State?
The state EV taxation landscape reflects the evolving transportation sector and the pressing need to address both fiscal gaps in road funding and environmental concerns.
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