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Below is a snapshot of key features of Florida's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $112.8 billion
- General Revenue as a Share of Income: 15.7%
- Tax Revenue: $73.4 billion
- Tax Revenue as Share of income: 10.2%
- Personal Income Tax (Share of Tax Revenue): 0% (51 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 3% (33 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 47% (10 out of 51)
- Property Tax (Share of Tax Revenue): 41.3% (4 out of 51)
- Other Taxes (Share of Tax Revenue): 7.2% (6 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: N/A
- Standard Deduction: N/A
- Personal Exemption: N/A
- Dependent Exemption: N/A
- Earned Income Tax Credit (EITC): None
- No broad based personal income tax
Corporate Income Tax Features (2011)
- Range of Tax Rates: 5.50%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
Sales Tax Features (2011)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: 0.65%
- Average Combined State & Local Sales Tax Rate: 6.65%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Exempt
- Number of Services Taxed: 63 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2011
Property Tax Features (2011)
- Homestead assessment increases capped at 3% per year.
- Provides one of the largest property tax homestead exemptions in the country
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.344
- Diesel Tax Rate (per gallon): $0.298
- Cigarette Tax Rate (per pack): $1.339
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $205
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: None
Last Updated August 25, 2011
Sources & Glossary |