Sumter County Saves You $$$
Being located in Florida has its advantages. Aside from the beaches and mild winters the state is also good on taxes overall. According to the non-profit Tax Foundation, Florida ranks 4th out of 50 states in its friendly business climate* – and our county is better than most. Sumter County has lowered ad valorem taxes in each of the previous 11 years, and was recently named the 4th lowest county in Florida for property tax rates according to the Florida Tax Watch, 2016 How Florida Counties Compare report.
Florida Tax Benefits
Florida offers tax advantages that make it a profitable location to expand or relocate any type of business.
- No corporate income tax on sub-chapter S-corporations
- No corporate income tax on limited partnerships
- 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 personal income tax guaranteed by constitutional provision
- No sales and use tax on goods manufactured or produced in Florida for export outside the state
- No sales tax on co-generation machinery and equipment
- Machinery and equipment used predominantly in research and development
- Machinery and equipment used by a new or expanding Florida business to manufacture, produce, or process tangible personal property for sale
- Labor component of research and development expenditures
- 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.
Sumter County Economic Development will provide the resources necessary to help expand or relocate your business. For more information, call us at (352) 689-4400, or email firstname.lastname@example.org.