Taxes & Incentives

Your business dollars go a lot farther here! Florida is consistently ranked as one of the top pro-business states. Reasons include a favorable business environment; with a low corporate income tax rate, no state personal income tax and competitive cost-of-doing-business. Florida is also one of only 10 right-to-work states.

 
Florida’s tax climate provides advantages that make our state a profitable location for every type of business. Remember, Florida has…
 
  • NO corporate income tax on limited partnerships
  • NO corporate income tax on subchapter S-corporations
  • NO state personal income tax guaranteed by constitutional provision
  • NO corporate franchise tax on capital stock
  • NO state-level property tax assessed
  • NO property tax on business inventories
  • NO property tax on goods-in-transit for up to 180 days
  • NO sales and use tax on goods manufactured or produced in Florida for export outside the state
  • NO sales tax on purchase of raw materials incorporated in a final product for resale, including non-reusable containers or packaging
  • NO sales/use tax on co-generation of electricity
 
With its large market, available talent pool and supportive local government, Madison County offers companies the right conditions for long-term success and growth. Government, workforce and economic development leaders continually work together to ensure that Madison County’s business climate remains favorable to companies of all sizes and trades.
County Incentives Available

 

Madison County has the following incentives available for qualified businesses:
 
 Possible Property Tax Abatement
The Board of County Commissioners has the authority to abate property taxes on the capital improvements made to the property. This abatement can be for up to 100% for 10 years.  Applications must be submitted to the County Commission prior to any construction or improvements being made.  Please refer to Florida Statute 196.1995 for more detailed information.
 
Possible Donation of Land
Available to qualified businesses
 
Expedited Permitting
Madison County understands a company’s need for certainty, predictability and efficiency when it comes to regulations. That’s why Madison County is able to provide a quick, cost effective and easy permitting process for significant economic development projects. The first step is a site development review and approval. This is followed by the building permit approval, both of which can be handled in less than 30 days.
 
Free Training
Free training is available to employers through the local Workforce office.

 
State Incentives Available

 

An Enterprise Zone is a specific geographic area targeted for economic development and revitalization.  These Zones encourage economic growth by offering tax advantages and incentives to businesses locating within the zone boundaries.  Listed below are all of the Florida incentives for businesses located in an Enterprise Zone:
 
Allows a business located within a Rural Enterprise Zone to take a sales and use tax credit for 30 or 45 percent of wages paid to new employees who live within a Rural County.  To be eligible, a business must create at least one new job.  The Sales Tax Credit cannot be used in conjunction with the Corporate Tax Jobs Credit.
 
Allows a business located within a Rural Enterprise Zone to take a corporate income tax credit for 30 or 45 percent of wages paid to new employees who reside within a Rural County.  To be eligible, a business must create at least one new job.  The Corporate Tax Credit cannot be used in conjunction with the Sales Tax Credit.
 
A refund is available for sales taxes paid on the purchase of certain business property, which is used exclusively in an Enterprise Zone for at least 3 years.
 
A refund is available for sales taxes paid on the purchase of building materials used to rehabilitate real property located in an Enterprise Zone.
 
New or expanded businesses located within an enterprise zone are allowed a credit against Florida corporate income tax equal to 96% of ad valorem taxes paid on the new or improved property.
 
A 50% sales tax exemption is available to qualified businesses located within an Enterprise Zone on the purchase of electrical energy, if the municipality has reduced the municipal utility tax by at least 50%. 
 
Allows businesses a 50% credit on Florida corporate income tax, insurance premium tax, or sales tax refund for donations made to local community development projects.  Businesses are not required to be located in an enterprise zone to be eligible for this credit. 
 
Click on the link below for specific information regarding the important tax incentives available for locating your business in a Madison County Enterprise Zone. 
 
 
If you are interested in a particular area of Madison County, please click on one of the municipalities listed below to view a detailed map of the Enterprise Zones in that area.

Greenville Enterprise Zone Area
Lee Enterprise Zone Area
Madison Enterprise Zone Area
 

 

 

 


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