CODING: Words stricken are deletions; words underlined are additions.House Bill 0101
Florida House of Representatives - 1997 HB 101
By Representative Brooks
1 A bill to be entitled
2 An act relating to intangible personal property
3 taxes; amending s. 199.185, F.S.; exempting
4 accounts receivable from said taxes and
5 providing a schedule for implementing the
6 exemption; increasing the value of property
7 that is exempt from the annual tax for
8 taxpayers who are natural persons; providing an
9 exemption from the annual tax for taxpayers
10 that are not natural persons and providing a
11 schedule for implementing the exemption;
12 providing an effective date.
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14 Be It Enacted by the Legislature of the State of Florida:
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16 Section 1. Paragraph (k) is added to subsection (1) of
17 section 199.185, Florida Statutes, 1996 Supplement, and
18 subsection (2) of said section is amended, to read:
19 199.185 Property exempted from annual and nonrecurring
20 taxes.--
21 (1) The following intangible personal property shall
22 be exempt from the annual and nonrecurring taxes imposed by
23 this chapter:
24 (k) One-third of the accounts receivable owned by a
25 taxpayer on January 1, 1998; two-thirds of the accounts
26 receivable owned by a taxpayer on January 1, 1999; and all of
27 the accounts receivable owned by a taxpayer on January 1,
28 2000, and thereafter.
29 (2)(a) With respect to the first mill of the annual
30 tax, every natural person is entitled each year to an
31 exemption of the first $500,000 $20,000 of the value of
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1997 HB 101
562-115A-97
1 property otherwise subject to the said tax. A husband and
2 wife filing jointly shall have an exemption of $1 million
3 $40,000.
4 (b) With respect to the annual tax, every taxpayer
5 that is not a natural person is entitled to the following
6 exemption:
7 1. One-third of the first $500,000 of the value of
8 property otherwise subject to the tax on January 1, 1998;
9 2. Two-thirds of the first $500,000 of the value of
10 property otherwise subject to the tax on January 1, 1999; and
11 3. The first $500,000 of the value of property
12 otherwise subject to the tax on January 1, 2000, and
13 thereafter With respect to the last mill of the annual tax,
14 every natural person is entitled each year to an exemption of
15 the first $100,000 of the value of property otherwise subject
16 to said tax. A husband and wife filing jointly shall have an
17 exemption of $200,000.
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19 Agents and fiduciaries, other than guardians and custodians
20 under a gifts-to-minors act, filing as such may not claim this
21 exemption on behalf of their principals or beneficiaries;
22 however, if the principal or beneficiary returns the property
23 held by the agent or fiduciary and is a natural person, the
24 principal or beneficiary may claim the exemption. No taxpayer
25 shall be entitled to more than one exemption under this
26 subsection paragraph (a) and one exemption under paragraph
27 (b). This exemption shall not apply to that intangible
28 personal property described in s. 199.023(1)(d).
29 Section 2. This act shall take effect January 1, 1998.
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 1997 HB 101
562-115A-97
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2 HOUSE SUMMARY
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Provides an exemption from intangible personal property
4 taxes for accounts receivable, to be phased in over 3
years. Increases the value of intangible personal
5 property owned by a natural person which is exempt from
the annual tax thereon from $20,000, with respect to the
6 first mill of tax, and $100,000, with respect to the
second mill of tax, to $500,000. Provides a similar
7 exemption for taxpayers that are not natural persons, to
be phased in over 3 years.
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