spot_imgspot_img

Florida retains 4th in tax competitiveness report

spot_img

(The Center Square) – A recently-released report on tax competitiveness by the Tax Foundation put Florida in a familiar spot of fourth place.

Florida, like all of the states without a personal income tax, ranked first on individual taxes, 14th on sales taxes, 16th on corporate taxes and 21st on property taxes.

The report by the nonpartisan nonprofit group gave high marks to the state’s lack of a personal income tax, a competitive 5.5% corporate income tax and a sales tax that is lower than many neighboring states. Florida levies a 4% sales tax, but cities and counties are able to add local taxes that add up to a 7% combined average.

That is still lower than Georgia (7.38%), Alabama (9.29%), South Carolina (7.5%), Mississippi (7.06%), Louisiana (9.56%) or Tennessee (9.55%).

One demerit was the approach of Florida’s tax code in regards to capital investment, allowing corporate taxpayers to only claim 15% of first-year expensing of machinery and equipment offered under the federal tax code.

The group also were critical of the personal property exemption, which at $25,000, was said to be “relatively low and offers a possible avenue for improvement.”

Despite a major change to the Tax Foundation’s methodology in compiling the data, Florida remained where it has been since 2020’s report.

That methodology scores the states and the District of Columbia for five different subcategories representing a major component of state tax codes that includes corporate taxes; individual income taxes; sales, use, and excise taxes; property and wealth taxes and unemployment insurance taxes.

Regionally, the Sunshine State was tops in the Southeast, followed by Tennessee (eighth) and North Carolina (12th).

Georgia was 26th, followed by Mississippi (27th), South Carolina (33rd), Arkansas (36th), Alabama (37th) and Louisiana was worst regionally at 40th.

The top five states were Wyoming, South Dakota, Alaska and Montana. New York was last, followed by New Jersey, California, District of Columbia and Connecticut.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Spokane grants mayor authority to spend pandemic relief before feds take it back

(The Center Square) - The Spokane City Council passed...

Shreveport City Council approves 2025 budget

(The Center Square) — The 2025 Shreveport budget that...

Trump vows to eliminate Daylight Saving Time

President-elect Donald Trump on Friday confirmed that Republicans will...

Missouri delegation focusing on border security after brief with OLS Task Force

(The Center Square) – A Missouri delegation is focusing...

IRS data shows ‘Blue State Exodus’ over past 30 years

(The Center Square) – Millions of residents in blue...

Tacoma approves 2025-2026 budget with added fire funding

(The Center Square) – The City of Tacoma passed...

Landry establishes fiscal responsibility program

(The Center Square) − Gov. Jeff Landry has signed...

More like this
Related

Spokane grants mayor authority to spend pandemic relief before feds take it back

(The Center Square) - The Spokane City Council passed...

Shreveport City Council approves 2025 budget

(The Center Square) — The 2025 Shreveport budget that...

Trump vows to eliminate Daylight Saving Time

President-elect Donald Trump on Friday confirmed that Republicans will...