Recently, a high-profile person announced a change of his permanent residency from New York to Florida on Twitter. For most people, however, a Twitter announcement is insufficient, and more concrete steps are required.
New York and Florida Taxation
The decision to move one’s residency is always a personal one, and should be driven primarily by personal and family considerations. However, relocation to Florida is a popular destination for former New Yorkers that offers them warmer climate and some compelling tax benefits.
- Personal Income Taxation