Florida has a robust tourism industry that attracts millions of visitors each year. Other major industries include aviation and aerospace, finance, healthcare, and agriculture. According to the U.S. Census Bureau, Florida is the fastest-growing state in the U.S.
What is the cost of doing business in Florida?
Florida has a 5.5% corporate income tax which applies to C corporations, but S corporations, LLCs, partnerships, and sole proprietors are exempt. There is no income tax for individuals.
The overall cost of living in the Sunshine State is at the national average. Florida is ranked 23 for home affordability, though homeowners may be required to have flood insurance, even if they do not live in a flood zone.
What are other reasons for doing business in Florida?
Florida offers a number of corporate income tax incentives that promote business development and job creation, such as the Capital Investment Tax Credit, used to attract and grow capital-intensive industries, and the Rural and the Urban Job Tax Credit Programs, which offer between $500 to $2000 per qualified employee within designated areas in Florida.
Florida also has a large, skilled workforce and easy access to Latin America and the Caribbean via major air and seaports.
How is Florida’s infrastructure?
Florida has an impressive infrastructure system featuring 20 commercial airports, 15 deepwater ports, and extensive highway and freight rail networks. In January 2023, Governor DeSantis announced the Moving Florida Forward initiative, which will invest billions of dollars towards strengthening Florida’s transportation infrastructure over the next four years.
What are some of the challenges of doing business in Florida
Florida is prone to natural disasters, the most common being wildfires and hurricanes. Hurricane Ian, a category four storm, resulted in around $50–65 billion in property and infrastructure damages.
Recent legislation around areas such as ESG and reproduction rights may be another consideration for some companies. These state policies may have legal, reputational, and/or financial implications when it comes to hiring, investing, or doing business.