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Tax season may not be most people or businesses’ favorite time of year — but here in the Greater Daytona Region, things look a little different. This is a great time for Sunshine State-based businesses and individuals to remember the ways that Florida’s tax climate is one of the best in the nation, by more than a few key metrics.
If you don’t already call Volusia County “home” in time for
this tax season, that’s OK — just keep reading and discover why you should be by the next! Ahead, we share a few of the most exciting facts about Florida’s tax climate — and how the Greater Daytona Region takes an already-business-friendly atmosphere to the next level.
For businesses eyeing expansion to the Southeast, Florida has a clear advantage over its Atlantic and Gulf Coast neighbors. According to the Tax Foundation’s 2022 report, the Sunshine State has the best tax climate in all of the Southeast — and the No. 4 climate across the entire United States, to boot. The high ranking is due to factors like Florida’s lack of individual income tax (a perk shared by only eight other states), but the benefits don’t stop there. The Tax Foundation also cites factors such as Florida’s corporate tax rank (No. 7), unemployment insurance tax rate (No. 2), and property tax rate (No. 12) in its annual deliberation.
Florida also has no corporate franchise tax on capital stock, no property tax on business inventories, and no sales and use tax on goods produced in Florida for export — to name just a few big benefits.
Of course, these perks are just the beginning. Depending on your specific industry, you’ll find even more things to love about Florida’s tax climate — including major manufacturing exemptions for machinery, electricity, and many more tools of the trade.
The Tax Foundation isn’t the only organization to recognize the Sunshine State’s stand-out economic advantages. According to U.S. News & World Report, Florida is ranked No. 12 in terms of business environment — based on “both the private sector business birth rate and the number of patents granted per million people in a state,” as well as “overall tax burden, venture capital investment and the number of top businesses headquartered in a state.” On this scale, Florida is listed at No. 4 for business creation rate, No. 13 for venture capital, and — you may be sensing a trend by now — No. 3 for low tax burden.
Even beyond the obvious tax incentives, there are plenty of perks employers should know about in the Greater Daytona Region — including (but definitely not limited to!) CareerSource Flagler Volusia’s Employed Worker Training Program Funding Assistance Program, or EWT, which helps provide continued training for current employees; as well as the On-The-Job Training Funding Assistance Program, or OJT, which aims to reimburse the costs of training a new employee at work. There are also benefits to be had by working in one of Volusia County’s 10 Historically Underutilized Business Zones, or HUBZones.
Again, these are just a few of the economic advantages of doing business in the Greater Daytona Region — to learn about them all, Team Volusia can be your go-to guide! Contact us today to learn more about how your organization can excel in our exceedingly business-friendly tax climate.