Florida has no individual income tax, but it does impose a 5.5% corporate income tax under Florida Statutes Chapter 220 ¹ on C corporations doing business in the state. For our Charlotte clients with Florida operations (and clients who relocate operations to Florida for tax reasons), the state's corporate income tax is the principal federal-income-tax-coupled state liability to manage.
The Florida corporate income tax has remained politically stable, but recent years brought meaningful changes in IRC piggyback conformity, particularly around bonus depreciation and the §163(j) interest limitation.
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