CODING: Words stricken are deletions; words underlined are additions.
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Senator Ostalkiewicz moved the following amendment:
SENATE AMENDMENT
Bill No. CS for SB 1450
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Ostalkiewicz moved the following amendment:
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13 Senate Amendment (with title amendment)
14 Delete everything after the enacting clause
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16 and insert:
17 Section 1. Subsections (13) and (14) are added to
18 section 199.023, Florida Statutes, to read:
19 199.023 Definitions.--As used in this chapter:
20 (13) "Ministerial function" means an act the
21 performance of which does not involve the use of discretion or
22 judgment.
23 (14) "Processing activity" means an activity
24 undertaken to administer or service intangible personal
25 property in accordance with such terms, guidelines, criteria,
26 or directions as are provided solely by the owner of the
27 property. Methods, systems, or techniques chosen by the
28 processor to implement such terms, guidelines, criteria, or
29 directions are not considered the exercise of management or
30 control.
31 Section 2. Subsection (2) of section 199.052, Florida
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Amendment No.
1 Statutes, is amended to read:
2 199.052 Annual tax returns; payment of annual tax.--
3 (2) No person shall be required to pay the annual tax
4 in any year when the aggregate annual tax upon the person's
5 intangible personal property, after exemptions, would be less
6 than $60 $5. In such case, an annual return is not required
7 unless the taxpayer is a corporation, a banking organization
8 claiming the exemption provided in s. 199.185(1)(i), or an
9 agent or fiduciary of whom the department requires an
10 informational return. Agents and fiduciaries shall report for
11 each person for whom they hold intangible personal property if
12 the aggregate annual tax on such person is $60 or more than
13 $5.
14 Section 3. Effective July 1, 2000, subsection (11) of
15 section 199.052, Florida Statutes, is repealed, and subsection
16 (2) of that section, as amended by this act, is amended to
17 read:
18 199.052 Annual tax returns; payment of annual tax.--
19 (2) No person shall be required to pay the annual tax
20 in any year when the aggregate annual tax upon the person's
21 intangible personal property, after exemptions, would be less
22 than $60. In such case, an annual return is not required
23 unless the taxpayer is a corporation, a banking organization
24 claiming the exemption provided in s. 199.185(1)(i), or an
25 agent or fiduciary of whom the department requires an
26 informational return. Agents and fiduciaries shall report for
27 each person for whom they hold intangible personal property if
28 the aggregate annual tax on such person is $60 or more.
29 Section 4. Effective July 1, 2000, paragraph (a) of
30 subsection (1) and paragraph (b) of subsection (2) of section
31 199.175, Florida Statutes, are amended to read:
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Amendment No.
1 199.175 Taxable situs.--For purposes of the annual tax
2 imposed under this chapter:
3 (1) Intangible personal property shall have a taxable
4 situs in this state when it is owned, managed, or controlled
5 by any person domiciled in this state on January 1 of the tax
6 year. Such intangibles shall be subject to annual taxation
7 under this chapter, unless the person who owns, manages, or
8 controls them is specifically exempt or unless the property is
9 specifically exempt. This provision shall apply regardless of
10 where the evidence of the intangible property is kept; where
11 the intangible is created, approved, or paid; or where
12 business may be conducted from which the intangible arises.
13 The fact that a Florida corporation owns the stock of an
14 out-of-state corporation and manages and controls such
15 corporation from a location in this state shall not operate to
16 give a taxable situs in this state to the intangibles owned by
17 the out-of-state corporation, which intangibles arise out of
18 business transacted outside this state.
19 (a) For the purposes of this chapter, "any person
20 domiciled in this state" means:
21 1. Any natural person who is a legal resident of this
22 state;
23 2. Any bank or financial institution, business,
24 business trust as described in chapter 609, company,
25 corporation, insurance company, partnership, or other
26 artificial entity organized or created under the law of this
27 state, except a trust; or
28 3. Any person, including a trust, who has established
29 a commercial domicile in this state.
30 (2) Intangible personal property shall have a taxable
31 situs in this state when it is deemed to have a business situs
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1 in this state and it is owned, managed, or controlled by a
2 person transacting business in this state, even though the
3 owner may claim a domicile elsewhere. This provision shall
4 apply regardless of where the evidence of the intangible is
5 kept or where the intangible is created, approved, or paid.
6 (b) Notwithstanding the provisions of this subsection:
7 1.a. Intangibles that are credit card or charge card
8 receivables or related lines of credit or loans shall be
9 deemed to have business situs in this state only when the debt
10 represented by such intangibles is owed by a customer who is
11 domiciled in this state.
12 b. The performance of ministerial functions relating
13 to, or the processing of, credit card or charge card
14 receivables in this state for the owner of such receivables is
15 not sufficient to support a finding that the owner is
16 transacting business in this state.
17 c. The term "credit card or charge card receivables"
18 does not include trade or service receivables as defined in s.
19 864 of the Internal Revenue Code of 1986, as amended.
20 2. An intangible owned by a real estate mortgage
21 investment conduit, a real estate investment trust, or a
22 regulated investment company, as those terms are defined in
23 the United States Internal Revenue Code of 1986, as amended,
24 shall not be deemed to have a taxable situs in this state
25 unless such entity has its legal or commercial domicile in
26 this state.
27 3. The ownership of any interest in a participation or
28 syndication loan or pool of loans, notes, or receivables shall
29 not be sufficient to support a finding that the owner of such
30 interest is transacting business in this state. For the
31 purposes of this subparagraph, a participation or syndication
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1 loan is a loan in which more than one lender is a creditor to
2 a common borrower, and a participation or syndication interest
3 in a pool of loans, notes, or receivables is an interest
4 acquired from the originator or initial creditor with respect
5 to the loans, notes, or receivables constituting the pool.
6 4. Assets owned by a foreign insurance company, as
7 defined in s. 624.06, shall not be deemed to have a business
8 situs in this state if they are managed and controlled outside
9 this state.
10 Section 5. Subsections (1), (2), and (5) of section
11 199.185, Florida Statutes, are amended, and subsection (8) is
12 added to that section, to read:
13 199.185 Property exempted from annual and nonrecurring
14 taxes.--
15 (1) The following intangible personal property shall
16 be exempt from the annual and nonrecurring taxes imposed by
17 this chapter:
18 (a) Money.
19 (b) Franchises.
20 (c) Any interest as a partner in a partnership, either
21 general or limited, other than any interest as a limited
22 partner in a limited partnership registered with the
23 Securities and Exchange Commission pursuant to the Securities
24 Act of 1933, as amended.
25 (d) Notes, bonds, and other obligations issued by the
26 State of Florida or its municipalities, counties, and other
27 taxing districts, or by the United States Government and its
28 agencies.
29 (e) Intangible personal property held in trust
30 pursuant to any stock bonus, pension, or profit-sharing plan
31 or any individual retirement account which is qualified under
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1 s. 530, s. 401, or s. 408, or s. 408A of the United States
2 Internal Revenue Code, 26 U.S.C. ss. 530, 401, and 408, and
3 408A, as amended.
4 (f) Intangible personal property held under a
5 retirement plan of a Florida-based corporation exempt from
6 federal income tax under s. 501(c)(6) of the United States
7 Internal Revenue Code, 26 U.S.C., if the primary purpose of
8 the corporation is to support the promotion of professional
9 sports and the retirement plan is either a qualified plan
10 under s. 457 of the United States Internal Revenue Code or the
11 contributions to the plan, pursuant to a ruling by the United
12 States Internal Revenue Service, are not taxable to plan
13 participants until actual receipt or withdrawal by the
14 participant.
15 (g) Notes and other obligations, except bonds, to the
16 extent that such notes and obligations are secured by
17 mortgage, deed of trust, or other lien upon real property
18 situated outside the state.
19 (h) The assets of a corporation registered under the
20 Investment Company Act of 1940, 15 U.S.C. s. 80a-1-52, as
21 amended.
22 (i) All intangible personal property issued in or
23 arising out of any international banking transaction and owned
24 by a banking organization.
25 (j) Units of a unit investment trust organized under
26 an agreement or declaration of trust and registered under the
27 Investment Company Act of 1940, as amended, whose portfolio of
28 assets consists solely of assets exempt under this section.
29 (k) Interests in real estate securitizations,
30 including, but not limited to, real estate mortgage investment
31 conduits (REMIC) and financial asset securitization trusts
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1 (FASITS), which that are directly or indirectly secured by or
2 payable from notes and obligations that are in turn secured
3 solely by a mortgage, deed of trust, or other lien upon real
4 property situated in or outside of the state, including, but
5 not limited to, mortgage pools, participations, and
6 derivatives and are held as investments by banks or savings
7 associations in compliance with regulatory agency guidelines.
8 (l) One-third of the accounts receivable arising or
9 acquired in the ordinary course of a trade or business which
10 are owned, controlled, or managed by a taxpayer on January 1,
11 1999, and thereafter. It is the intent of the Legislature
12 that, pursuant to future legislative action, the portion of
13 such accounts receivable exempt from taxation be increased to
14 two-thirds for taxes levied on January 1, 2000, and further
15 increased to all such accounts receivable on January 1, 2001,
16 and thereafter. This exemption does not apply to accounts
17 receivable which arise outside the taxpayer's ordinary course
18 of trade or business. For the purposes of this chapter, the
19 term "accounts receivable" means a business debt that is owed
20 by another to the taxpayer or the taxpayer's assignor in the
21 ordinary course of trade or business and is not supported by
22 negotiable instruments. Accounts receivable include, but are
23 not limited to, credit card receivables, charge card
24 receivables, credit receivables, margin receivables, inventory
25 or other floor plan financing, lease payments past due,
26 conditional sales contracts, retail installment sales
27 agreements, financing lease contracts, and a claim against a
28 debtor usually arising from sales or services rendered and
29 which is not necessarily due or past due. The examples
30 specified in this paragraph shall be deemed not to be
31 supported by negotiable instruments. The term "negotiable
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1 instrument" means a written document that is legally capable
2 of being transferred by indorsement or delivery. The term
3 "indorsement" means the act of a payee or holder in writing
4 his or her name on the back of an instrument without further
5 qualifying words other than "pay to the order of" or "pay to"
6 whereby the property is assigned and transferred to another.
7 (2)(a) With respect to the first mill of the annual
8 tax, every natural person is entitled each year to an
9 exemption of the first $50,000 $20,000 of the value of
10 property otherwise subject to the said tax on January 1, 2000;
11 $100,000 of the value of property otherwise subject to the tax
12 on January 1, 2001; $150,000 of the value of property
13 otherwise subject to the tax on January 1, 2002; and $200,000
14 of the value of property otherwise subject to the tax on
15 January 1, 2003. A husband and wife filing jointly shall have
16 an exemption of $100,000 $40,000 on January 1, 2000; $200,000
17 on January 1, 2001; $300,000 on January 1, 2002; and $400,000
18 on January 1, 2003.
19 (b) With respect to the annual tax, every taxpayer
20 that is not a natural person is entitled to the following
21 exemption:
22 1. The first $100,000 of the value of property
23 otherwise subject to the tax on January 1, 2000;
24 2. The first $200,000 of the value of property
25 otherwise subject to the tax on January 1, 2001;
26 3. The first $300,000 of the value of property
27 otherwise subject to the tax on January 1, 2002; and
28 4. The first $400,000 of the value of property
29 otherwise subject to the tax on January 1, 2003. With respect
30 to the last mill of the annual tax, every natural person is
31 entitled each year to an exemption of the first $100,000 of
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Amendment No.
1 the value of property otherwise subject to said tax. A husband
2 and wife filing jointly shall have an exemption of $200,000.
3
4 Agents and fiduciaries, other than guardians and custodians
5 under a gifts-to-minors act, filing as such may not claim this
6 exemption on behalf of their principals or beneficiaries;
7 however, if the principal or beneficiary returns the property
8 held by the agent or fiduciary and is a natural person, the
9 principal or beneficiary may claim the exemption. No taxpayer
10 shall be entitled to more than one exemption under this
11 subsection paragraph (a) and one exemption under paragraph
12 (b). This exemption shall not apply to that intangible
13 personal property described in s. 199.023(1)(d).
14 (5) Those organizations Every bank and savings
15 association, as defined in s. 220.62(1), (2), (3), or (4) are,
16 is exempt from .5 mill of the tax imposed by s. 199.032.
17 (8) Every insurer, as defined in s. 624.03, whether
18 the insurer is authorized or unauthorized as defined in s.
19 624.09, is exempt from the tax imposed by s. 199.032.
20 Section 6. The amendment to subsection (5) and the
21 creation of subsection (8) of section 199.185, Florida
22 Statutes, by this section shall apply to taxes due on or after
23 July 1, 1999.
24 Section 7. Effective July 1, 2000, paragraph (k) of
25 subsection (1) of section 199.185, Florida Statutes, as
26 amended by this act is amended to read:
27 199.185 Property exempted from annual and nonrecurring
28 taxes.--
29 (1) The following intangible personal property shall
30 be exempt from the annual and nonrecurring taxes imposed by
31 this chapter:
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1 (k) Interests in real estate securitizations,
2 including, but not limited to real estate mortgage investment
3 conduits (REMIC) and financial asset securitization trusts
4 (FASITS), which are directly or indirectly secured by or
5 payable from notes and obligations that are in turn secured
6 solely by a mortgage, deed of trust, or other lien upon real
7 property situated outside the state, including, but not
8 limited to, mortgage pools, participations, and derivatives
9 and are held as investments by banks or savings associations
10 in compliance with regulatory agency guidelines.
11 Section 8. Effective for tax years beginning after
12 December 31, 1999, sections 199.104 and 220.68, Florida
13 Statutes, are repealed.
14 Section 9. Subsections (3) and (4) of section 199.282,
15 Florida Statutes, are amended to read:
16 199.282 Penalties for violation of this chapter.--
17 (3)(a) If any annual or nonrecurring tax is not paid
18 by the due date, a delinquency penalty shall be charged. The
19 delinquency penalty shall be 10 percent of the delinquent tax
20 for each calendar month or portion thereof from the due date
21 until paid, up to a limit of 50 percent of the total tax not
22 timely paid.
23 (b) If any annual tax return required by this chapter
24 is not filed by the due date, a penalty of 10 30 percent of
25 the tax due with the return shall be charged for each calendar
26 month or portion thereof during which the return remains
27 unfiled, up to a limit of 50 percent of the total tax due for
28 each year or portion of the year during which the return
29 remains unfiled.
30
31 For any penalty assessed under this subsection, the combined
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1 total for all penalties assessed under paragraphs (a) and (b)
2 shall not exceed 10 percent per calendar month, up to a limit
3 of 50 percent of the total tax due.
4 (4) If an annual tax return is filed and property is
5 either omitted from it or undervalued, then a specific penalty
6 shall be charged. The specific penalty shall be 10 30 percent
7 of the tax attributable to each omitted item or to each
8 undervaluation. No delinquency or late filing penalty shall be
9 charged with respect to any undervaluation.
10 Section 10. Subsection (3) of section 199.292, Florida
11 Statutes, is amended to read:
12 199.292 Disposition of intangible personal property
13 taxes.--All intangible personal property taxes collected
14 pursuant to this chapter shall be placed in a special fund
15 designated as the "Intangible Tax Trust Fund." The fund shall
16 be disbursed as follows:
17 (3) An amount equal to 33.5 percent Of the remaining
18 intangible personal property taxes collected, an amount equal
19 to 35.3 percent in state fiscal year 1998-1999 and an amount
20 equal to 37.7 percent in each year thereafter, shall be
21 transferred to the Revenue Sharing Trust Fund for Counties. An
22 amount equal to 66.5 percent Of the remaining taxes collected,
23 an amount equal to 64.7 percent in state fiscal year 1998-1999
24 and an amount equal to 62.3 percent in each year thereafter,
25 shall be transferred to the General Revenue Fund of the state.
26 Section 11. Effective July 1, 2000, subsection (10) of
27 section 220.02, Florida Statutes, is amended to read:
28 220.02 Legislative intent.--
29 (10) It is the intent of the Legislature that credits
30 against either the corporate income tax or the franchise tax
31 be applied in the following order: those enumerated in s.
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1 220.68, those enumerated in s. 631.719(1), those enumerated in
2 s. 631.705, those enumerated in s. 220.18, those enumerated in
3 s. 631.828, those enumerated in s. 220.181, those enumerated
4 in s. 220.183, those enumerated in s. 220.182, those
5 enumerated in s. 220.1895, those enumerated in s. 221.02,
6 those enumerated in s. 220.184, those enumerated in s.
7 220.186, and those enumerated in s. 220.188.
8 Section 12. Effective July 1, 2000, subsections (4),
9 (7), and (8) of section 624.509, Florida Statutes, are amended
10 to read:
11 624.509 Premium tax; rate and computation.--
12 (4) The intangible tax imposed under chapter 199, The
13 income tax imposed under chapter 220, and the emergency excise
14 tax imposed under chapter 221 which are paid by any insurer
15 shall be credited against, and to the extent thereof shall
16 discharge, the liability for tax imposed by this section for
17 the annual period in which such tax payments are made. As to
18 any insurer issuing policies insuring against loss or damage
19 from the risks of fire, tornado, and certain casualty lines,
20 the tax imposed by this section, as intended and contemplated
21 by this subsection, shall be construed to mean the net amount
22 of such tax remaining after there has been credited thereon
23 such gross premium receipts tax as may be payable by such
24 insurer in pursuance of the imposition of such tax by any
25 incorporated cities or towns in the state for firefighters'
26 relief and pension funds and police officers' retirement funds
27 maintained in such cities or towns, as provided in and by
28 relevant provisions of the Florida Statutes. For purposes of
29 this subsection, payments of estimated income tax under
30 chapter 220 and of estimated emergency excise tax under
31 chapter 221 shall be deemed paid either at the time the
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1 insurer actually files its annual returns under chapter 220 or
2 at the time such returns are required to be filed, whichever
3 first occurs, and not at such earlier time as such payments of
4 estimated tax are actually made.
5 (7) Credits and deductions against the tax imposed by
6 this section shall be taken in the following order: deductions
7 for assessments made pursuant to s. 440.51; credits for taxes
8 paid under ss. 175.101 and 185.08; credits for income taxes
9 paid under chapter 220, the emergency excise tax paid under
10 chapter 221 and the credit allowed under subsection (5), as
11 these credits are limited by subsection (6); credits for
12 intangible taxes paid under chapter 199; all other available
13 credits and deductions.
14 (8) From and after July 1, 1980, the premium tax
15 authorized by this section shall not be imposed upon receipts
16 of annuity premiums or considerations paid by holders in this
17 state and from and after July 1, 1991, the intangible tax
18 imposed by chapter 199 shall not be imposed on assets equal to
19 the statutory legal reserves of annuity products maintained by
20 insurance companies on behalf of their holders if the tax
21 savings derived are credited to the annuity holders. Upon
22 request by the Department of Revenue, any insurer availing
23 itself of this provision shall submit to the department
24 evidence which establishes that the tax savings derived have
25 been credited to annuity holders. As used in this subsection,
26 the term "holders" shall be deemed to include employers
27 contributing to an employee's pension, annuity, or
28 profit-sharing plan.
29 Section 13. For tax years beginning after December 31,
30 1999, no credit under section 624.509(4), Florida Statutes,
31 for intangible tax imposed under chapter 199, Florida
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Amendment No.
1 Statutes, shall be available.
2 Section 14. Effective January 1, 2004, sections
3 199.012, 199.023, 199.032, 199.042, 199.052, 199.057, 199.062,
4 199.104, 199.106, 199.133, 199.145, 199.155, 199.175, 199.202,
5 199.212, 199.218, 199.232, 199.282, 199.292, and 199.303,
6 Florida Statutes; section 199.103, Florida Statutes, as
7 amended by section 1 of chapter 95-244, Laws of Florida, and
8 by section 14 of chapter 97-287, Laws of Florida; section
9 199.135, Florida Statutes, as amended by section 1480 of
10 chapter 95-147, Laws of Florida; section 199.143, Florida
11 Statutes, as amended by section 1 of chapter 97-123, Laws of
12 Florida; section 199.183, Florida Statutes, as amended by
13 section 2 of chapter 96-283, Laws of Florida, and by section 4
14 of chapter 97-197, Laws of Florida; section 199.185, Florida
15 Statutes, as amended by section 1 of chapter 96-283, Laws of
16 Florida, by section 13 of chapter 96-320, by section 1 of
17 chapter 97-191, Laws of Florida, and by this act; section
18 199.262, Florida Statutes, as amended by section 1046 of
19 chapter 95-147, Laws of Florida; and section 199.272, Florida
20 Statutes, as amended by section 1047 of chapter 95-147, Laws
21 of Florida, are repealed.
22 Section 15. The Department of Revenue is authorized to
23 take any action after January 1, 2004, which it was authorized
24 to take before that date to collect any tax that was due
25 before that date under chapter 199, Florida Statutes, and that
26 was unpaid, underpaid, or otherwise avoided.
27 Section 16. Except as otherwise expressly provided in
28 this act, this act shall take effect July 1, 1998.
29
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1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 Delete everything before the enacting clause
4
5 and insert:
6 A bill to be entitled
7 An act relating to intangible personal property
8 taxes; amending s. 199.023, F.S.; defining the
9 terms "ministerial function" and "processing
10 activity" for purposes of ch. 199, F.S.;
11 amending s. 199.052, F.S.; increasing the
12 minimum amount of annual intangible personal
13 property tax which a person may be required to
14 pay; repealing s. 199.052(11), F.S., relating
15 to returns filed by banking organizations, to
16 conform; amending s. 199.175, F.S., relating to
17 taxable situs; conforming provisions; amending
18 s. 199.185, F.S.; revising the exemption from
19 intangible personal property taxes for certain
20 property held in trust; revising the exemption
21 for real estate mortgage investment conduits;
22 partially exempting accounts receivable arising
23 out of a trade or business from intangible
24 personal property taxes; providing legislative
25 intent to fully exempt such assets in
26 subsequent years; providing increased
27 exemptions; providing a full, rather than
28 partial, exemption from the annual tax for
29 banks and savings associations and providing
30 for application of the exemption to
31 organizations defined by s. 220.62(1), (2),
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1 (3), and (4), F.S.; exempting insurers from the
2 annual tax; repealing s. 199.104, F.S., which
3 provides a credit against the annual tax for
4 banks and savings associations; repealing s.
5 220.68, F.S., which provides a credit against
6 the franchise tax imposed on banks and savings
7 associations based on intangible tax paid;
8 amending s. 199.282, F.S.; revising the penalty
9 for late filing of an annual intangible tax
10 return; providing a limitation on combined
11 delinquency and late filing penalties; revising
12 the penalty for omitting or undervaluing
13 property on an annual return; amending s.
14 199.292, F.S.; revising the distribution of
15 intangible tax revenues; amending s. 220.02,
16 F.S., relating to order of credits against the
17 corporate income tax or franchise tax, and s.
18 624.509, F.S., relating to the insurance
19 premium tax; conforming provisions; providing
20 for future repeal of tax on personal property,
21 authorizing the Department of Revenue to
22 collect any tax that was due before the date of
23 repeal; providing application; providing
24 effective dates.
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