SENATE AMENDMENT

    Bill No. CS for SB 1450

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Bankhead moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 3, line 30

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16  insert:

17         Section 3.  Paragraph (c) is added to subsection (1) of

18  section 199.175, Florida Statutes, to read:

19         199.175  Taxable situs.--For purposes of the annual tax

20  imposed under this chapter:

21         (1)  Intangible personal property shall have a taxable

22  situs in this state when it is owned, managed, or controlled

23  by any person domiciled in this state on January 1 of the tax

24  year.  Such intangibles shall be subject to annual taxation

25  under this chapter, unless the person who owns, manages, or

26  controls them is specifically exempt or unless the property is

27  specifically exempt. This provision shall apply regardless of

28  where the evidence of the intangible property is kept; where

29  the intangible is created, approved, or paid; or where

30  business may be conducted from which the intangible arises.

31  The fact that a Florida corporation owns the stock of an

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1450

    Amendment No.    





 1  out-of-state corporation and manages and controls such

 2  corporation from a location in this state shall not operate to

 3  give a taxable situs in this state to the intangibles owned by

 4  the out-of-state corporation, which intangibles arise out of

 5  business transacted outside this state.

 6         (c)  Notwithstanding the provisions of this subsection,

 7  intangibles that are credit card receivables or charge card

 8  receivables or related lines of credit or loans that would

 9  otherwise be deemed to have taxable situs in this state solely

10  because they are owned, managed, or controlled by a bank or

11  savings association as defined in s. 220.62, or an affiliate

12  or subsidiary thereof, which is domiciled in this state shall

13  be treated as having a taxable situs in this state only when

14  the debt represented by the intangible is owed by a customer

15  who is domiciled in this state. As used in this paragraph, the

16  terms "credit card receivables" and "charge card receivables"

17  do not include trade or service receivables as defined in s.

18  864 of the Internal Revenue Code of 1986, as amended.

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20  (Redesignate subsequent sections.)

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23  ================ T I T L E   A M E N D M E N T ===============

24  And the title is amended as follows:

25         On page 1 line 12, after the semicolon following the

26  word "situs"

27

28  insert:

29         amending s. 199.175, F.S.; providing for situs

30         of credit or charge card receivables owned,

31         managed, or controlled by a bank or savings

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 1450

    Amendment No.    





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