Close to 1,000 new residents are migrating every day to Florida, and it is creating big gains in taxable income for the state (Florida doesn’t tax income) a new study by Lendingtree shows.
Florida is by far the biggest winner in net income gains created by residents moving from another state, the analysis concludes.
IRS data from 2016 was used for the study – even before the State and Local Tax (SALT) deduction cap was passed in 2017 which made relocating to Florida much more favorable.
Florida’s new residents brought in a net $17.7 billion in adjusted gross income to the state, including those moving both to and from the state during the year. That was far larger than any other state (second place was South Carolina at $2.3 billion).
The biggest losers in 2016 were New York, Illinois, New Jersey, Pennsylvania, and Connecticut.