Taxes

Tax Summary

The State of Florida is ranked 5^th best overall in a favorable tax climate by the Tax Foundation.

State Personal Income Tax: None

State Corporate Income Tax: 5.5% with credits for job growth, R&D and investment.

State Sales Tax: 6% with a local additional sales tax of 1%

The millage rates are detailed in the table below:

Ad Valorem	City of Port St. Lucie	City of Ft. Pierce	County
County Parks and Public Transit	0.2500	0.2500	0.2500
Erosion & Storm Water Mgmt	0.1000	0.1000	0.5731
Law Enforcement & Jail	2.7294	2.7294	2.7294
School System and Children's Services Council	6.7910	6.7910	6.7910
County General Fund	4.2722	4.2722	4.2722
Municipality Specific	5.2000	6.9000	1.3403
Fire District	3.0000	3.0000	3.0000
Water Management and Mosquito Control	0.3653	0.3653	0.3653
FL Inland Navigation	0.0288	0.0288	0.0288
Total Millage	22.7367	24.4367	19.3501

Note: Tangible personal property is assessed at these same rates. Source: St. Lucie County Property Appraiser (2023 Rates). Does NOT include special district charges and other non-ad-valorem assessments that certain properties may be subject to.

 

TAX ADVANTAGE
​Florida’s stable and highly favorable tax climate provides advantages that make a Florida location profitable for every type of business. Progressive legislation also ensures that Florida remains a worldwide hub for new and expanding businesses.

Florida has…

• NO corporate income tax on limited partnerships

• NO corporate income tax on subchapter S-corporations

• NO state personal income tax 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 the state

• NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging

• NO sales/use tax on co-generation of electricity

Florida offers Sales and Use Tax Exemptions on…

• Machinery and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale

• Labor, parts and materials used in repair of and incorporated into machinery and equipment

• Electricity used in the manufacturing process

• Certain boiler fuels (including natural gas) used in the manufacturing process

• Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment

• Machinery and equipment used predominantly in research and development

• Labor component of research and development expenditures

• Commercial space activity — launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida

• Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft

• Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings.

Combined with Florida’s other business advantages and excellent quality of life, this cost competitive environment creates an unbeatable value proposition for both business owners and employees alike.

(Source: Enterprise Florida, Inc.)