Florida Tax Law Advantages Over Other States (Part 1)

Florida tax laws give residents several advantages over tax laws of other states. 

Here are some of them:

1. No State Income Tax.  A prohibition against such a tax was drafted into Florida’s Constitution in 1885.  This prohibition was re-enacted in the 1968 Constitution.  In order to enact a personal income tax, the state’s Constitution would have to be amended, requiring voters’ approval.

2. No City Income Taxes.  Florida municipalities are prohibited from enacting local income tax.

3. No Florida Gift Tax.  Residents of a number of states may pay state as well as federal tax on gifts.  Florida residents pay no state gift taxes.

4. No State Inheritance Tax.  Florida has adopted an estate tax that is the equivalent of the credit for state death taxes paid to the U.S. government whenever a federal estate tax is paid.

Florida’s death tax is a transfer tax based on the gross value of the estate regardless of how many beneficiaries the decedent has, or how much money each beneficiary inherits.

If you or a loved one needs help with a situation involving one of these areas, please contact Thomas N. Silverman, P.A. at 561.775.7500 (24 hours) or info@FloridaProbateCounsel.com.

Thank you for contacting our firm. One of our associates will be in contact with you shortly. If the matter is urgent, please call our office directly at 561.775.7500 to speak with an attorney.