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Finance and Taxes |
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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 |
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Credit for Child Care
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Up to $50,000 in tax credits for all approved child
care costs incurred by a corporation in a tax year. |
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Permit Streamlining Program
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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. |
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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. |
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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. |
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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. |
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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 --> |
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Excise Tax (State) |
Contact the
Florida Department of Revenue for more
information: 1-800-352-3671 (in Florida only) or 850-488-6800. |
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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.
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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)
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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.
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Additional Tax Information: |
http://taxfoundation.org/ |
