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Florida's Tax Climate
When deciding on a State to place your business, Florida's stable and highly favorable tax climate provides advantages that make a Florida and Longwood specific site profitable for every type of business. The Tax Foundation, the nation's leading independent tax policy research organization, has ranked Florida as having the 4th best Tax Climate for the upcoming year (2021). The maps provided share Florida's ranking with regard to other states.
- No corporate income tax on limited partnerships
- No corporate income tax on subchapter S-corporations
- No state personal income tax is guaranteed by constitutional provision
- No corporate franchise tax on capital stock
- No state-level property tax assessed
- No property tax on business inventories
- No property tax on goods-in-transit for up to 180 days
- No sales and use tax on goods manufactured or produced in Florida for export outside of the state
- No sales tax on purchases of raw materials incorporated in a final product for resale
- No sales/use tax on co-generation of electricity
The City of Longwood's sales tax rate is 7%. All property is taxable at 100% of its just valuation. The City of Longwood's property millage is 18.5885.
Wait! I always hear the word millage and mills and it seems that government is good at utilizing words and acronyms that no one else understands. Well if you would like to know more about the history of these two words that have become synonymous with taxes; Flager Live printed this article to educate us all - Mills and Millage Tax Rates Defined and Explained.
The links below will open a new window of the Longwood website. As a general tax climate, Florida ranks #4 in the country for 2019.
Top Marginal Corporate Income Tax Rates by State