Sales Tax Rate in Hillsborough County
The sales tax rate for Hillsborough County, Florida, is 6.5%. This applies to the total purchase price of all goods and services, including products and services purchased from outside the county. This rate is in effect from April 1, 2023. This rate is combined with local and state taxes to determine the final sales tax rate for each purchase.
Use Tax in Hillsborough County
Hillsborough County also imposes a use tax. This is a tax on goods that are stored, used, or consumed within the county. This rate is 6.5% and applies to goods purchased from out of the state or country. The use tax rate is the same as the sales tax rate. This rate is also in effect from April 1, 2023.
Exemptions to Sales Tax in Hillsborough County
Certain goods and services are exempt from sales tax in Hillsborough County. These include items such as prescription drugs, medical equipment and supplies, and food stamps. There are also exemptions for certain types of businesses, such as nonprofit organizations and government entities. In addition, some items may be exempt from sales tax if they are purchased for resale.
Tax Returns in Hillsborough County
Businesses that operate in Hillsborough County are required to file a sales tax return. This return must be filed quarterly. Businesses must report their total gross receipts and the amount of sales tax collected. They must also report the amounts of any exemptions taken. If a business fails to file a tax return, they may be subject to penalties and interest.
Tax Credits in Hillsborough County
Some businesses may be eligible for tax credits in Hillsborough County. These credits can reduce the amount of taxes owed. Tax credits are available for energy efficient upgrades, job creation, and research and development. Businesses must apply for these credits and must provide proof of eligibility.
Tax Appeals in Hillsborough County
Businesses that have been assessed a sales tax may appeal the assessment. This can be done through the Hillsborough County Tax Assessor's Office. The appeal must be filed within 30 days of the assessment. Businesses must provide proof of the assessment, as well as any documentation that supports their appeal.
Audits in Hillsborough County
The Hillsborough County Tax Assessor's Office may conduct audits of businesses to ensure that they are in compliance with sales tax laws. During an audit, the assessor may review sales and use tax returns, financial records, and other documents related to sales and use tax. The assessor may also inspect the business and its premises. If an audit reveals that a business has not been in compliance, the business may be subject to penalties and interest.
Resources for Hillsborough County Sales Tax
Businesses that operate in Hillsborough County can find more information about sales and use tax on the Hillsborough County Tax Assessor's website. Businesses can also contact the assessor's office for assistance with filing sales tax returns and appealing sales tax assessments. Finally, businesses can consult with a professional tax advisor for more information about sales and use tax in Hillsborough County.
