Reduction in Sales Tax rate in the State of Florida

Effective January 1, 2020, the Florida Department of Revenue has changed the Sales Tax rate on commercial income for state-based businesses.

The change involves a reduction in the tax percentage applied to the abovementioned income rate to 5.5% (down from 5.7%), plus the Surtax rate applied by the county where operations are carried out.

Composite rates for commercial income are listed below by county:

• Miami-Dade County: 5.5% (Florida Sales Tax) + 1% (County Sales Tax). Total 6.5%
• Broward County: 5.5% (Florida Sales Tax) + 1% (County Sales Tax). Total 6.5%
• Palm Beach County: 5.5% (Florida Sales Tax) + 1% (County Sales Tax). Total 6.5%

In case your commercial property is not located in the above mentioned counties, please contact us to confirm which rate to apply. Remember to inform your tenants about the change and adjust the amount to be paid as of January 1.

If you have any questions about the rate change, please contact us at info@gbsgroup.net to assist you.