Competitive Taxes
Miami’s unique commercial desirability is built, above all else, upon sound and business-friendly fiscal policy.
A Model For Business Growth
The absence of state and county income taxes allows residents and business owners to retain more earnings, while a competitive corporate tax rate and low sales tax further enhance the region’s appeal.
0%
Individual Income Tax
Neither the state of Florida nor Miami-Dade County levy state income taxes, which benefits business owners and employees alike.
5.5%
Corporate Income Tax
The state corporate income tax rate is a modest 5.5%.
7%
Sales Tax Rate
At 7%, Miami-Dade County’s low sales tax makes Greater Miami more affordable for residents and businesses while boosting consumer spending.
0%
Estate and Inheritance Tax
Florida does not impose an estate or inheritance tax, making it an attractive location for wealth preservation and family-owned businesses planning for generational growth.
Fueling Economic Growth and Affordability
Miami’s tax structure provides significant advantages for businesses, consumers, and the overall economy. With no state or local income taxes, both business owners and employees can maximize their earnings, fostering a thriving entrepreneurial ecosystem. In 2023, the legislature of Florida provided a budget that included nearly $1.5 billion in tax savings, further enhancing the state’s appeal. Florida ranks in the top 5 states for business-friendly tax policies, holding the No. 4 spot since 2016, according to the Tax Foundation.
Additionally, the city’s sales tax rate of just 7% enhances affordability for residents, stimulating consumer spending and contributing to a vibrant local economy. These favorable tax conditions create a business-friendly environment that promotes innovation while supporting a high quality of life for residents. As a result, Miami successfully attracts and retains businesses, fostering sustainable growth in a dynamic market and solidifying its position as an ideal destination for entrepreneurs and investors alike.
Miami-Dade County Tax Comparison
| County | Personal Income Tax | Corporate Tax | Sales Tax |
|---|---|---|---|
| Miami-Dade County | 0% | 5.5% | 7% |
| Charleston County, South Carolina | 0-6.4% | 5% | 9% |
| Maricopa County, Arizona | 2.5% | 4.9% | 7.8-9.2% |
| Mecklenburg County, North Carolina | 4.75% | 2.5% | 7.25% |
| Cook County, Illinois | 4.95% | 9.5% | 10-10.25% |
| Suffolk County, Massachusetts | 5-9% | 8% | 6.25% |
| San Diego County, California | 1-12.3%* | 8.84% | 7.75-8.75% |
| Harris County, Texas | 0% | 0%** | 8.25% |
| New York City | 3-3.9% | 0%** | 8.25% |
*and an additional 1% on incomes over 1M
**not including gross receipts tax
How can we help?
Whether you are looking to relocate or expand, we can help. Contact our world-class economic development team to learn more.