Florida Senate - 2021                      CS for CS for SB 1584
       
       
        
       By the Committees on Finance and Tax; and Community Affairs; and
       Senator Gruters
       
       
       
       
       593-04159-21                                          20211584c2
    1                        A bill to be entitled                      
    2         An act relating to taxation of real property platform
    3         transactions; amending s. 201.02, F.S.; defining the
    4         term “residential property”; providing a methodology
    5         to be used in determining documentary stamp taxes due
    6         for certain transactions involving residential
    7         property; providing applicability; providing an
    8         effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (12) is added to section 201.02,
   13  Florida Statutes, to read:
   14         201.02 Tax on deeds and other instruments relating to real
   15  property or interests in real property.—
   16         (12)(a) For purposes of this subsection, the term
   17  “residential property” means a property classified as single
   18  family or condominium pursuant to s. 195.073(1)(a)1. or 4.,
   19  respectively, which is a single dwelling unit.
   20         (b) The tax imposed by this section shall be limited to the
   21  difference between the consideration paid by an original
   22  purchaser of a residential property and the consideration paid
   23  by an unrelated subsequent purchaser of the same residential
   24  property in an arm’s length transaction within 75 calendar days
   25  immediately following the date on which the property was
   26  conveyed to, or an interest in such property was vested in, the
   27  original purchaser.
   28         (c) The tax limitation under paragraph (b) does not apply
   29  if the consideration paid by the subsequent purchaser for the
   30  residential property exceeds 110 percent of the consideration
   31  paid by the original purchaser for the same residential
   32  property.
   33         Section 2. This act shall take effect July 1, 2021.