Hernando County Office of Business Development

 

 

 

Finance and Taxes
GulfCoast Business Finance, Inc. Provides “other than conventional”  800-850-2504 financing for business expansions (real estate and equipment) through Small Business Administration (SBA) and New Markets Tax Credit loan programs.
504 Loan Application GBF.pdf
Credit for Child Care Up to $50,000 in tax credits for all approved child care costs incurred by a corporation in a tax year.
Permit Streamlining Program Provides quicker and more predictable permit approvals to significant economic development projects.
General Tax Information...
Tangible Property Taxes (County)
Tangible Personal Property is everything other than real estate. It includes furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased equipment and any other equipment used in a business or to earn an income. Anyone in possession of assets on January 1 who has a proprietorship, partnership, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, lend or rent property must also file. For more information on the Tangible Property Tax in Hernando County contact the Property Appraisers Office at 352- 754-4190.
Sales Use Tax ( State ) Florida's law provides that each sale, admission charge, storage, or rental is taxable unless the transaction is specifically exempt. The state sales tax rate is 6 percent. Use tax is a component of Florida's sales and use tax. It is due on purchases made out of state and brought into Florida within 6 months of the purchase date.
Discretionary Sales Tax (County) Under specific conditions, Florida counties are authorized to levy a discretionary sales surtax on most transactions subject to sales and use tax. The Hernando County discretionary sales surtax is 0.5% effective until Dec. 2014.
Documentary Stamps (State) Documentary stamp taxes are levied on documents as provided under Chapter 201, Florida Statutes. Documents subject to the tax include, but are not limited to: Deeds, Stocks and bonds, Notes and written obligations to pay money. Deeds-The tax rate for transfer of an interest in real property is $.70 on each $100 (or portion thereof) of the total consideration paid, or to be paid, for the transfer.
Unemployment Tax (State) The tax rate for new employers is .0270 (2.7 percent). The first $7,000 in wages paid to each employee during a calendar year is taxable. Any amount over the $7,000 is considered excess wages and is not subject to tax. Excess wages can never be greater than gross wages. Only taxable wages that are reported by the end of the quarter immediately preceding the quarter for which the rate is calculated can be used in the tax rate calculation. When a new employer becomes liable for the payment of tax, the tax rate is .0270 and will remain that until the employer has reported for 10 quarters (11 quarters in some cases). The account will then be rated by dividing the total benefits charged to the account (6 quarters) by the taxable payroll reported for the first 7 of the last 9 quarters immediately preceding the quarter for which the rate is effective. The one exception would be those employers liable by succession and who choose to accept the tax rate of the predecessor with the accompanying responsibility of paying any outstanding indebtedness due. At that time, a tax rate will be calculated based on the employment record and the rating factors, which are built into the Unemployment Compensation Law. The maximum tax rate allowed by law is .0540 (5.4 percent), except for employers participating in the Short Time Compensation Program. Prior to the applicable year, rate notices are mailed to all employers that have a tax rate. An appeal of the tax rate must be made within 20 days from the date of notification (date printed on the rate notice). More Information -->
Excise Tax (State) Contact the Florida Department of Revenue for more information: 1-800-352-3671 (in Florida only) or 850-488-6800.
Intangible Tax (County) Recent law changes (Chapter No. 2006-312) repeal the annual recurring intangible tax beginning on January 1, 2007. The repeal did not include:

The nonrecurring tax on a note, bond or other obligation for payment of money that is secured by a mortgage, deed, or other lien on real property. Taxpayers who are lending money secured by mortgage on Florida real property still must pay the nonrecurring intangible tax.

The recurring tax on real property owned by a government and leased to a non-government entity when rental payments are due. Taxpayers that lease property from a government entity must still file and pay the governmental leasehold intangible tax annually if the amount of tax owed before discount is $60 or more.

Corporate Income Tax (State) Corporations that conduct business, or earn or receive income in Florida, including out-of-state corporations, must file a Florida corporate income tax return. The return must be filed, even if no tax is due. Florida corporate income tax liability is computed using federal taxable income, modified by certain Florida adjustments, to determine adjusted federal income. A corporation doing business within and without Florida may apportion its total income. Adjusted federal income is apportioned to Florida using a three-factor formula. The formula is a weighted average, designating 25 % each to factors for property and payroll, and 50 % to sales. Non-business income allocated to Florida is added to the Florida portion of adjusted federal income. An exemption of up to $5,000 is subtracted to arrive at Florida net income. Tax is computed by multiplying Florida net income by 5. 5 %.
Real Property Tax (County)
 
The Hernando County Property Appraiser's Office analyzes the county's market transactions every year to determine each property's Fair Market Value effective January 1st of each year.
Additional Tax Information:  http://taxfoundation.org/
              Copyright 2012, Hernando County Office of Business Development                Site Index
15800 Flight Path Drive Brooksville, FL 34604  Phone (352) 540-6400  FAX (352)754-5361