By Bryan Boggiano
A business tax increase may be in the cards for business owners throughout the city.
On May 17, the city commission approved an ordinance that would increase the current business tax rate structure by five percent.
A second reading and vote are required before the increase can become official.
For most businesses, the annual tax rate would increase from $153.14 to $160.80, or $7.66. These are generally business offices, contractors, professionals, entertainment, education, home-based businesses, general businesses, financial services, healthcare, and personal services.
Housing businesses would go from paying $12.14 to $12.74 per unit.
Restaurants, retail, and manufacturing tax rates depend on the number of seats, monthly retail and wholesale stock, and number of employees, respectively.
The tax rate for restaurants with fewer than 75 seats will go from $229.71 to $241.20. For larger restaurants, that rate increases from $577.35 to $606.22.
Merchant, retail, and wholesale businesses with $10,000 or less in monthly retail or wholesale stock will go from paying $215.13 to $225.89. Those with up to $100,000 will go from paying $385.30 to $404.57. Those with up to $250,000 will go from paying $773.05 to $811.70, while those with more than $250,000 will go from paying $1,160.79 to $1,218.83.
Manufacturing businesses with less than 50 employees will go from $229.72 to $241.21, while those with more employees will see an increase from $619.90 to $650.90.
Under the land development code, businesses must have a receipt from the city and county to operate. Coral Springs has about 6,450 business tax licenses, and city staff reviews 650 new tax receipts annually.
According to George Soberon, code compliance manager, the purpose of the increase is to keep up with rising costs. State law permits municipalities to increase business tax rates by up to five percent every other year. Previous increases occurred in fiscal years 2021, 2019, 2017, 2015, 2013, 2004, and 2002.
Commissioner Joshua Simmons moved to approve the business tax rate increase. Commissioner Nancy Metayer Bowen seconded. The commission passes it unanimously.
They will have a second reading and final vote at their June 7 meeting, starting at 6:30 p.m.
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.
Author Profile
- A University of Florida journalism graduate, Bryan is pursuing his masters in geosciences at Florida International University. He has a strong interest in weather, entertainment, and journalism.
Related
News2023.05.24New Playground at Riverside Park Tentatively Set To Open In Fall 2023
News2023.05.21Coral Springs Commission Tentatively Approves 5 Percent Tax Increase for Businesses
Crime & Safety2023.05.20Coral Springs City Commission Approves SRO Contract With Broward County School Board
Crime & Safety2023.05.20Heroic Officer’s Quick Actions Prevent Tragedy and Save a Life
