Senate Bill 1090

    Florida Senate - 1998                                  SB 1090

    By Senator Forman





    32-1410-98                                         See HB 3091

  1                      A bill to be entitled

  2         An act relating to intangible personal property

  3         taxes; amending s. 199.185, F.S.; increasing

  4         the exemption from the first mill of the annual

  5         tax granted to natural persons; providing an

  6         effective date.

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  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Paragraph (a) of subsection (2) of section

11  199.185, Florida Statutes, is amended to read:

12         199.185  Property exempted from annual and nonrecurring

13  taxes.--

14         (2)(a)  With respect to the first mill of the annual

15  tax, every natural person is entitled each year to an

16  exemption of the first $30,000 $20,000 of the value of

17  property otherwise subject to said tax.  A husband and wife

18  filing jointly shall have an exemption of $60,000 $40,000.

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20  Agents and fiduciaries, other than guardians and custodians

21  under a gifts-to-minors act, filing as such may not claim this

22  exemption on behalf of their principals or beneficiaries;

23  however, if the principal or beneficiary returns the property

24  held by the agent or fiduciary and is a natural person, the

25  principal or beneficiary may claim the exemption.  No taxpayer

26  shall be entitled to more than one exemption under paragraph

27  (a) and one exemption under paragraph (b).  This exemption

28  shall not apply to that intangible personal property described

29  in s. 199.023(1)(d).

30         Section 2.  This act shall take effect January 1 of the

31  year following the year in which enacted.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1998                                  SB 1090
    32-1410-98                                         See HB 3091




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  2                          HOUSE SUMMARY

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      Increases the exemption from the first mill of the annual
  4    intangible personal property tax granted to natural
      persons to $30,000 for individuals and $60,000 for
  5    husband and wife filing jointly.

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