By Bryan Boggiano
The city commission voted to increase local business taxes by five percent on the second reading at their June 7 meeting.
Their final vote comes after the commission’s May 17 meeting, where they unanimously approved the business tax increase on the first reading.
According to city documents, local business taxes depend on the nature and services of the business. Each company in the city is required to have both city and county receipts.
Most businesses would see an increase from $153.14 to $160.80 annually. These include business offices, contractors, entertainment, education, general business, financial services, healthcare, personal services, home-based businesses, and professionals.
Housing-related businesses would see a rate increase from $12.14 to $12.74 per unit.
Manufacturing companies with 50 or fewer employees would see a rate hike from $229.72 to $241.20, while those more than 50 would have a business tax increase from $619.90 to $650.90.
For restaurants, those with 75 or fewer seats would see an increase from $229.71 to $241.20, while those with more seats will see their tax rate increase from $577.35 to $606.22.
Merchant, wholesale, and resale business taxes depend on a company’s monthly wholesale and retail stock.
For those companies with $10,000 or less, their tax rate will increase from $215.13 to $225.89. Those with up to $100,000 would increase from $385.30 to $404.57. Companies with up to $250,000 would see an increase from $773.05 to $811.70, while those with more than $250,000 would see an increase from $1,160.79 to $1,218.83.
The city first established business tax rate structures in 1995, following the establishment of an equity study commission. Under state law, the commission can vote to increase the tax rates by up to every other year.
Previous increases occurred in 1997, 2002, 2004, 2013, 2015, 2017, 2019, and 2021.
For the 2023 business tax increase, Commissioner Joshua Simmons moved to approve it. Vice Mayor Shawn Cerra seconded. It passed 4-0. (Commissioner Nancy Metayer Bowen was absent.)
Send Your News to Coral Springs #1 Award-Winning News Site Here. Don’t miss reading Parkland Talk, Tamarac Talk, Coconut Creek Talk, and Margate Talk.
