The Florida Senate

199.106  Credit for taxes imposed by other states.--

(1)  For intangible personal property that has been deemed to have a taxable situs in this state solely pursuant to s. 199.175(2) or any similar predecessor statute, a credit against the tax imposed by s. 199.032 is allowed to a taxpayer in an amount equal to a like tax lawfully imposed and paid by that taxpayer on the same property in another state, territory of the United States, or the District of Columbia. For purposes of this subsection, the term "like tax" means an ad valorem tax on intangible personal property that is also subject to tax under s. 199.032 The credit may not exceed the tax imposed on the property under s. 199.032 Proof of entitlement to such a credit must be made pursuant to rules and forms adopted by the department.

(2)  For intangible personal property that has a taxable situs in this state under s. 199.175(1) or any similar predecessor statute, a credit against the tax imposed by s. 199.032 is allowed to a taxpayer in an amount equal to a like tax lawfully imposed and paid by that taxpayer on the same property in another state, territory of the United States, or the District of Columbia when the other taxing authority is also claiming situs under provisions similar or identical to those in s. 199.175(1) or any similar predecessor statute. For purposes of this subsection, "like tax" means an ad valorem tax on intangible personal property which is also subject to tax under s. 199.032 The credit may not exceed the tax imposed on the property under s. 199.032 Proof of entitlement to such a credit must be made pursuant to rules and forms adopted by the department.

(3)  The credits provided by this section apply retroactively. However, notwithstanding the retroactivity of these credit provisions, this section does not reopen a closed period of nonclaim under s. 215.26 or any other statute or extend the period of nonclaim under s. 215.26 or any other statute.

History.--s. 4, ch. 92-319; s. 10, ch. 99-208.