In Florida, businesses profit form modest tax bills.

No sales/use tax on boiler fuels. Corporate income tax rate for C-corporations is 5.5 percent.

First $5,000 of taxable income apportioned to Florida is exempt.

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 at the county level. Exemptions of up to 10 years may be granted locally to new or expanding businesses. 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 the state for export outside the state.

No sales tax on purchases of raw materials incorporated in final product for resale, including

non-reusable containers or packaging.

No sales/use tax on boiler fuels.

Effective July 1, 1996, sales/use tax exemption for electricity used in the manufacturing process, to be fully phased-in over a five-year period. Thus, 20 percent of the qualifying electricity charges will be exempt beginning July 1, 1996; 100 percent of qualifying electrical charges will be exempt beginning July 1, 2000.

Sales/use tax exemption for purchases of machinery and equipment used by a new Florida business to manufacture, produce, or process tangible personal property for sale. For a an existing Florida manufacturer wanting to expand, a $50,000 cap on sales tax liability is imposed for purchases of machinery and equipment that will increase production b a least 10 percent.

Sales tax exemption on labor component of Research and Development expenditures.

Pollution control equipment is assessed at salvage value rather than fair market value for property taxes.

Foreign source dividends are deleted from corporate income tax base.

Certain international financial transactions are exempt from documentary stamp tax.

International banking transactions are not subject to her intangible personal property tax.