NORTHEAST FLORIDA BUSINESSES: A DRIVING FORCE OF THE ECONOMY

With more than 100 industry headquarters in the area, the First Coast draws many different business sectors from all over. As one of the fastest-growing areas for businesses in the country, the First Coast is an affordable option for businesses as there are no taxes on corporate franchises, inventory, foreign or personal income. The average commute time of 26.5 minutes, which is less than any other major city, is another desirable reason to do business in Northeast Florida.

Jacksonville ranks as one of the best places for both careers and businesses while boasting four Fortune 500 companies, five Fortune 1000 companies and a labor force of more than 845,000. The city ranks No. 7 as the best large city to start a business according to WalletHub, while MoneyGeek ranked Jacksonville No. 3 as the best city for job seekers. Jacksonville also ranked in the top 5 best job markets according to The Wall Street Journal

The Jacksonville International Airport offers more than 85 non-stop daily flights and connections to every major city in the world.

The tech industry in the area has boomed to the point that LinkedIn listed Jacksonville as a top city for tech workers. ZipRecruiter named Jacksonville as the No. 9 hottest city for tech jobs. Jacksonville also ranks among the top 10 cities for women in tech according to SmartAsset.

More than 20 major banks, insurance and investment service firms on the Fortune Global 500 list have operations on the First Coast. With considerable growth as a financial focal point, this sector has become a financial powerhouse.

Florida’s tax environment is favorable for both businesses and individuals alike.

Florida Offers Sales and Use Tax Exemptions on:

• Aircraft parts, modification, maintenance and repair, sale or lease of qualified aircraft

• Certain boiler fuels (including natural gas) used in the manufacturing process

• Commercial space activity—launch vehicles, payloads and fuel, machinery and equipment for production of items used exclusively at Spaceport Florida

• Electricity used in the manufacturing process

• Labor component of research and development expenditures

• Labor, parts and materials used in repair of and incorporated into machinery and equipment

• Machiner y and equipment used by a new or expanding Florida business to manufacture, produce or process tangible personal property for sale

• Machiner y and equipment used predominantly in research and development

• Production companies engaged in Florida in the production of motion pictures, made for television motion pictures, television series, commercial music videos or sound recordings

• Semiconductor, defense and space technology-based industry transactions involving manufacturing equipment

Florida does not have:

• State-level property tax assessed

• State personal income tax

• Sales and use tax on co-generation of electricity

• Sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging

• Sales tax on manufacturing machinery and equipment

• Sales and use tax on goods manufactured or produced in Florida for export outside the state

• Property tax on goods-in-transit for up to 180 days

• Property tax on business inventories

• Corporate income tax on subchapter S-corporations

• Corporate income tax on limited partnerships

• Corporate franchise tax on capital stock