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Which corporations pay Florida’s corporate income tax? Not all of them

As an aside to this week’s poll question at www.bakercountypress.com, Florida’s corporate income tax is not paid by many corporations. Only traditional so-called C corps must pay it.

S corps and the ever more common LLCs and LLPs do not pay any state income tax. Their profits are declared as personal income of their owners, and of course, Florida has no personal income tax.

That said, the state’s corprate income tax is still the second highest revenue generator behind the sales tax. It accounts for something like $3 billion of the state’s roughly¬†70 billion-dollar¬†budget.

As you might expect, in a state built on commerce, when the economy goes into its once-a-decade recession, Florida runs out of money to fund things like educating its kids, taking care of its elderly and maintaining its roads. All of this is explained pretty well here.

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