Hi, I’m Bette Hochberger, CPA, CGMA. Today is Miami Monday, so I will discuss some of the tax benefits for Miami-based businesses.

Imagine living in a sun-drenched paradise, where the tax climate is just as inviting as the ocean breeze. Welcome to Florida! More than just a haven for beach lovers and retirees, Florida’s generous tax benefits also make it a financial oasis. 

Now, picture the energetic heart of this paradise – Miami, a thriving hub for businesses with an electrifying spirit of growth and innovation. Now, let’s navigate through the sea of benefits that make Florida, and particularly Miami, a dream come true for tax-conscious individuals and businesses alike.

The Tax Benefits

Where do I even start? Miami-Dade County’s tax structure places it in a competitive position with other metropolitan areas. Here’s why:

  • No local corporate income tax
  • No state personal income tax
  • No local personal income tax
  • No property tax on business inventories
  • No corporate tax on limited partnerships
  • No property tax on goods in transit for up to 180 days

Now, one of Florida’s most significant tax benefits is the sales tax, especially for many businesses. Why? Well, keep on reading.

  • No sales and use tax on goods manufactured or produced in the state for export outside the state
  • No sales tax on purchases of raw materials incorporated in a final product for resale
  • No sales/use tax on boiler fuels
  • No sales/use tax on co-generation of electricity
  • Sales/use tax exemption for aircraft modification, maintenance, and repair
  • Sales tax exemption on labor component of R&D expenditures
  • Sales/use tax exemption for the entertainment industry

On top of all of these tax benefits, there is also no franchise tax on capital stock, and foreign source dividends are deleted from the corporate income tax base, which is also pretty great!

Being a Business Owner in Miami

Are you a business owner wanting to start or grow your business in Miami? Well, you’ve just learned the tax benefits Miami offers, so let’s move into some general benefits of Miami’s location!

  • Strategic location: Miami serves as a gateway to Latin America, offering a uniquely multicultural environment and international connectivity. This strategic location makes it ideal for businesses targeting global markets.
  • Growing economy: Miami’s economy is diversified, with strong sectors in tourism, international trade, healthcare, technology, and finance. This economic diversity can offer a lot of opportunities for new businesses.
  • Talent pool: Miami is home to several universities and colleges, providing a robust talent pool for businesses to draw from.
  • Quality of life: Miami’s high quality of life, including its climate, cultural activities, and outdoor recreation opportunities, can help businesses attract and retain employees.
  • Infrastructure: Miami has a well-developed infrastructure, including Miami International Airport, one of the largest in the country, and the Port of Miami, known as the “Cruise Capital of the World.”

Thinking of moving to Florida? As a Boutique Florida CPA Firm in South Florida (Greater Miami) area, I help our new neighbors establish their Florida residency, securing their new income-tax-free domicile. 

We even offer an all-inclusive concierge service for busy business owners, where we take care of all the paperwork, appointments, and setup for you; you just have to sign and show up.

Well, I hope you learned something new today. As always, stay safe, and I will see you next time!