The Advantages of Having a Business Located in Florida
If you’re looking to start a business, finding the right location can be a tedious and lengthy search until you find the correct place. Fortunately, there are many options that you can choose from, but one state in the United States that has a lot to offer: Florida.
Florida may be where most people flock for retirement, but people also enjoy perks if they start a business here. With a business-friendly environment and no state income tax, there are many benefits to having your business located in Florida.
Incentivized for Business Growth
The great news is that there are many incentives that you can take advantage of as a business owner in Florida. For startup companies, Florida has opened up opportunities for earnings. There are two main options that people can earn as a startup company:
● Qualified Target Industry Tax Refund (QTI)
Florida created this for businesses with the opportunity for high-wage jobs. You can earn refunds on sales, corporate income, ad valorem, intangible personal property, and much more.
When you register a new business in Florida, you can have up to $3,000 in refunds for jobs you create for the city, as well as $6,000 in rebates for jobs you created in the county.
● Capital Investment Tax Credit (CITC)
If you want to start a capital-intensive industry, then this is your reward. You can have an annual credit that counters corporate income tax for up to 20 years.
For more information on these tax incentives, check out the government website to learn more.
Specific Florida Tax Benefits
As a business owner in Florida, there are multiple different incentives you can earn simply on your taxes. It is one of the most accessible states regarding how much you can keep yourself as a business.
Here are the following benefits you have to look forward to when tax season comes around in Florida:
● No corporate tax on S-corporations or limited partnerships
● Lack of taxation with a new company--as long as the business is passed to you as an individual
● Sales and use tax exemptions on any items used for R&D
● Exemption of business inventories from property tax
● Exemption of capital stock from the corporate franchise tax
● Exception of any goods produced or manufactured in Florida for international trade, with no sales or use tax applied
● And several other industry-specific tax breaks
There are so many tax benefits, and not all of them only occur for the first year. For up to twenty years, you can be reaping the benefits of your decision to operate your business in Florida. For more information, check out the Florida Department of Revenue for a specific list of business tax breaks.
Unlike other locations around the world and even in the U.S., you can benefit from tax cuts and breaks in Florida that are unavailable elsewhere. For startups, you have the opportunity to give yourself the advantage to guarantee your future business success. Florida is a great place to have a business while enjoying the tropical weather all year round!
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