CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 Representative(s) Cosgrove, Wasserman Schultz, Bloom, Bush,
12 and Brown offered the following:
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14 Amendment (with title amendment)
15 On page 1, line 27
16 remove from the bill: everything after the enacting clause
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18 and insert in lieu thereof:
19 Section 1. Section 199.185, Florida Statutes, is
20 amended to read:
21 199.185 Property exempted from annual and nonrecurring
22 taxes.--
23 (1) The following intangible personal property shall
24 be exempt from the annual and nonrecurring taxes imposed by
25 this chapter:
26 (a) Money.
27 (b) Franchises.
28 (c) Any interest as a partner in a partnership, either
29 general or limited, other than any interest as a limited
30 partner in a limited partnership registered with the
31 Securities and Exchange Commission pursuant to the Securities
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hmo0008 02:22 pm 01943-0119-425257
HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 Act of 1933, as amended.
2 (d) Notes, bonds, and other obligations issued by the
3 State of Florida or its municipalities, counties, and other
4 taxing districts, or by the United States Government and its
5 agencies.
6 (e) Intangible personal property held in trust
7 pursuant to any stock bonus, pension, or profit-sharing plan
8 or any individual retirement account which is qualified under
9 s. 530, s. 401, s. 408, or s. 408A of the United States
10 Internal Revenue Code, 26 U.S.C. ss. 530, 401, 408, and 408A,
11 as amended.
12 (f) Intangible personal property held under a
13 retirement plan of a Florida-based corporation exempt from
14 federal income tax under s. 501(c)(6) of the United States
15 Internal Revenue Code, 26 U.S.C., if the primary purpose of
16 the corporation is to support the promotion of professional
17 sports and the retirement plan is either a qualified plan
18 under s. 457 of the United States Internal Revenue Code or the
19 contributions to the plan, pursuant to a ruling by the United
20 States Internal Revenue Service, are not taxable to plan
21 participants until actual receipt or withdrawal by the
22 participant.
23 (g) Notes and other obligations, except bonds, to the
24 extent that such notes and obligations are secured by
25 mortgage, deed of trust, or other lien upon real property
26 situated outside the state.
27 (h) The assets of a corporation registered under the
28 Investment Company Act of 1940, 15 U.S.C. s. 80a-1-52, as
29 amended.
30 (i) All intangible personal property issued in or
31 arising out of any international banking transaction and owned
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HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 by a banking organization.
2 (j) Units of a unit investment trust organized under
3 an agreement or declaration of trust and registered under the
4 Investment Company Act of 1940, as amended, whose portfolio of
5 assets consists solely of assets exempt under this section.
6 (k) Interests in real estate securitizations,
7 including, but not limited to, real estate mortgage investment
8 conduits (REMIC) and financial asset securitization trusts
9 (FASITS), which are directly or indirectly secured by or
10 payable from notes and obligations that are in turn secured
11 solely by a mortgage, deed of trust, or other lien upon real
12 property situated in or outside the state, including, but not
13 limited to, mortgage pools, participations, and derivatives.
14 (l) All One-third of the accounts receivable arising
15 or acquired in the ordinary course of a trade or business
16 which are owned, controlled, or managed by a taxpayer on
17 January 1, 2000 1999, and thereafter. It is the intent of the
18 Legislature that, pursuant to future legislative action, the
19 portion of such accounts receivable exempt from taxation be
20 increased to two-thirds for taxes levied on January 1, 2000,
21 and further increased to all such accounts receivable on
22 January 1, 2001, and thereafter. This exemption does not apply
23 to accounts receivable which arise outside the taxpayer's
24 ordinary course of trade or business. For the purposes of this
25 chapter, the term "accounts receivable" means a business debt
26 that is owed by another to the taxpayer or the taxpayer's
27 assignee in the ordinary course of trade or business and is
28 not supported by negotiable instruments. Accounts receivable
29 include, but are not limited to, credit card receivables,
30 charge card receivables, credit receivables, margin
31 receivables, inventory or other floor plan financing, lease
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hmo0008 02:22 pm 01943-0119-425257
HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 payments past due, conditional sales contracts, retail
2 installment sales agreements, financing lease contracts, and a
3 claim against a debtor usually arising from sales or services
4 rendered and which is not necessarily due or past due. The
5 examples specified in this paragraph shall be deemed not to be
6 supported by negotiable instruments. The term "negotiable
7 instrument" means a written document that is legally capable
8 of being transferred by indorsement or delivery. The term
9 "indorsement" means the act of a payee or holder in writing
10 his or her name on the back of an instrument without further
11 qualifying words other than "pay to the order of" or "pay to"
12 whereby the property is assigned and transferred to another.
13 (m) Stock options granted to employees by their
14 employer pursuant to an incentive plan, if the employees
15 cannot transfer, sell, or mortgage the options. Stock
16 purchased by an employee from an employer pursuant to an
17 incentive plan shall be treated as a nontaxable stock option
18 if part of the purchase price of the stock is nonrecourse debt
19 secured by the stock and the stock cannot be sold,
20 transferred, or assigned by the employee until the nonrecourse
21 debt is discharged. Such stock becomes taxable stock when it
22 can be sold, transferred, or assigned by the employee.
23 (2)(a) With respect to the first mill of the annual
24 tax, every natural person is entitled each year to an
25 exemption of the first $20,000 of the value of property
26 otherwise subject to said tax. A husband and wife filing
27 jointly shall have an exemption of $40,000.
28 (b) With respect to the last mill of the annual tax,
29 every natural person is entitled each year to an exemption of
30 the first $100,000 of the value of property otherwise subject
31 to said tax. A husband and wife filing jointly are entitled to
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HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 shall have an exemption of $200,000. Every taxpayer that is
2 not a natural person is entitled each year to an exemption of
3 the first $100,000 of the value of property otherwise subject
4 to the tax.
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6 Agents and fiduciaries, other than guardians and custodians
7 under a gifts-to-minors act, filing as such may not claim this
8 exemption on behalf of their principals or beneficiaries;
9 however, if the principal or beneficiary returns the property
10 held by the agent or fiduciary and is a natural person, the
11 principal or beneficiary may claim the exemption. No taxpayer
12 shall be entitled to more than one exemption under this
13 subsection paragraph (a) and one exemption under paragraph
14 (b). This exemption shall not apply to that intangible
15 personal property described in s. 199.023(1)(d).
16 (3) Every natural person who is a widow or widower, or
17 who is blind, or who is totally and permanently disabled, is
18 entitled each year to an additional exemption of $500 of
19 property otherwise subject to the annual or nonrecurring tax.
20 This exemption is afforded by s. 3, Art. VII of the State
21 Constitution and is available only to the extent not used
22 against real property or tangible personal property taxes.
23 (4) Charitable trusts, 95 percent of the income of
24 which is paid to organizations exempt from federal income tax
25 pursuant to s. 501(c)3 of the Internal Revenue Code, shall be
26 exempt from 1 mill of the tax imposed in s. 199.032.
27 (5) Those organizations defined in s. 220.62(1), (2),
28 (3), or (4) are exempt from the tax imposed by s. 199.032.
29 (6) Every liquor distributor that is domiciled in this
30 state, that is authorized to do business under the Beverage
31 Law, and that has paid the license taxes required by s.
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HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 565.03(2) is exempt from paying tax on accounts receivable
2 owned by the taxpayer which are derived from, arise out of, or
3 are issued in connection with a sale of alcoholic beverages
4 transacted in another state with a customer in another state.
5 (6)(7) A national bank that has its principal place of
6 business in another state, processes credit card credit
7 applications in this state or performs customer service or
8 collection operations in this state, and is not a bank under
9 12 U.S.C. s. 1941(c)(2)(F), is exempt from paying tax on
10 credit card receivables owed to the bank by a credit card
11 holder domiciled outside this state.
12 (7)(8) Every insurer, as defined in s. 624.03, whether
13 the insurer is authorized or unauthorized as defined in s.
14 624.09, is exempt from the tax imposed by s. 199.032.
15 Section 2. Subsection (3) of section 199.292,
16 Florida Statutes, is amended to read:
17 199.292 Disposition of intangible personal property
18 taxes.--All intangible personal property taxes collected
19 pursuant to this chapter shall be placed in a special fund
20 designated as the "Intangible Tax Trust Fund." The fund shall
21 be disbursed as follows:
22 (3) Of the remaining intangible personal property
23 taxes collected, an amount equal to 45.67 35.3 percent in
24 state fiscal year 1998-1999 and an amount equal to 37.7
25 percent in each year thereafter, shall be transferred to the
26 Revenue Sharing Trust Fund for Counties. Of the remaining
27 taxes collected, an amount equal to 54.33 64.7 percent in
28 state fiscal year 1998-1999 and an amount equal to 62.3
29 percent in each year thereafter, shall be transferred to the
30 General Revenue Fund of the state.
31 Section 3. This act shall take effect July 1, 1999.
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hmo0008 02:22 pm 01943-0119-425257
HOUSE AMENDMENT
Bill No. HB 1943
Amendment No. (for drafter's use only)
1 ================ T I T L E A M E N D M E N T ===============
2 And the title is amended as follows:
3 On page 1, lines 3-23
4 remove from the title of the bill: all of said lines
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6 and insert in lieu thereof:
7 taxes; amending ss. 199.185, F.S.; exempting
8 accounts receivable; increasing exemptions for
9 taxpayers who are natural persons; creating
10 exemptions for taxpayers who are not natural
11 persons; amending s. 199.292, F.S.; changing
12 distributions of tax proceeds to the General
13 Revenue Fund and the Revenue Sharing Trust Fund
14 for Counties; providing an effective date.
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