Senate Bill 1232

    Florida Senate - 1999                                  SB 1232

    By Senator Thomas





    3-723-99

  1                      A bill to be entitled

  2         An act relating to taxes on intangible personal

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

  4         the exemption that applies to certain

  5         charitable trusts; providing an effective date.

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

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  9         Section 1.  Subsection (4) of section 199.185, Florida

10  Statutes, 1998 Supplement, is amended to read:

11         199.185  Property exempted from annual and nonrecurring

12  taxes.--

13         (4)  Charitable trusts, 95 percent of the income of

14  which is paid to organizations exempt from federal income tax

15  pursuant to s. 501(c)3 of the Internal Revenue Code, shall be

16  exempt from 1 mill of the tax imposed in s. 199.032.

17         Section 2.  This act shall take effect January 1, 2000.

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20                          SENATE SUMMARY

21    Amends the exemption from the tax on intangible personal
      property which applies to certain charitable trusts, by
22    providing that such trusts are exempt from the entire
      tax, not merely from 1 mill of the tax.
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