CODING: Words stricken are deletions; words underlined are additions.
Senate Bill 0278
    Florida Senate - 1998                                   SB 278

    By Senator Grant





    13-432-98

  1                      A bill to be entitled

  2         An act relating to taxation of intangible

  3         property; amending s. 199.185, F.S.; providing

  4         an exemption for certain intangible personal

  5         property; providing an effective date.

  6

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

  8

  9         Section 1.  Paragraph (l) is added to subsection (1) of

10  section 199.185, Florida Statutes, to read:

11         199.185  Property exempted from annual and nonrecurring

12  taxes.--

13         (1)  The following intangible personal property shall

14  be exempt from the annual and nonrecurring taxes imposed by

15  this chapter:

16         (l)  Intangible assets equal to the statutory legal

17  reserves of life insurance products maintained by insurance

18  companies.

19         Section 2.  This act shall take effect upon becoming a

20  law.

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23                          SENATE SUMMARY

24    Exempts intangible assets equal to the statutory legal
      reserves of life insurance products maintained by
25    insurance companies from the intangible personal property
      tax.
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