Business leaders in South Florida are closely watching the 2024 elections as they are likely to have a significant impact on corporate tax. In fact, almost half of the tax leaders surveyed (44%) in BDO’s 2024 tax strategist survey believe the election outcome will pose significant challenges to their business. The policy changes implemented by the next president may affect changes to corporate tax rates, customs and trade regulations, incentives and credits, and IRS funding. Not to mention the tax provisions that are set to sunset in 2025, such as the reduced statutory income tax rates introduced by the 2017 Tax Cuts and Jobs Act.

Given Florida’s unique tax landscape, it’s essential for local businesses to grasp how federal-level changes can impact them.

Issue #1: Inflation Reduction Act