House Bill 0221er

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    ENROLLED

    1999 Legislature                                     CS/HB 221



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  2         An act relating to the tax on sales, use, and

  3         other transactions; amending s. 212.05, F.S.;

  4         exempting from the tax on the sale of coins or

  5         currency any coin or currency which is legal

  6         tender of the United States and which is sold,

  7         exchanged, or traded; exempting from said tax

  8         certain transactions in which the sales price

  9         exceeds a specified amount; amending s. 212.08,

10         F.S.; exempting sales of gold, silver, or

11         platinum bullion when the sales price exceeds a

12         specified amount; providing for emergency

13         rules; providing effective dates.

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

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17         Section 1.  Paragraph (k) of subsection (1) of section

18  212.05, Florida Statutes, 1998 Supplement, is amended to read:

19         212.05  Sales, storage, use tax.--It is hereby declared

20  to be the legislative intent that every person is exercising a

21  taxable privilege who engages in the business of selling

22  tangible personal property at retail in this state, including

23  the business of making mail order sales, or who rents or

24  furnishes any of the things or services taxable under this

25  chapter, or who stores for use or consumption in this state

26  any item or article of tangible personal property as defined

27  herein and who leases or rents such property within the state.

28         (1)  For the exercise of such privilege, a tax is

29  levied on each taxable transaction or incident, which tax is

30  due and payable as follows:

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    ENROLLED

    1999 Legislature                                     CS/HB 221



  1         (k)1.  Notwithstanding any other provision of this

  2  chapter, there is hereby levied a tax on the sale, use,

  3  consumption, or storage for use in this state of any coin or

  4  currency, whether in circulation or not, when such coin or

  5  currency:

  6         a.  Is not legal tender;

  7         b.  If legal tender, is sold, exchanged, or traded at a

  8  rate in excess of its face value; or

  9         c.  Is sold, exchanged, or traded at a rate based on

10  its precious metal content.

11         2.  Such tax shall be at a rate of 6 percent of the

12  price at which the coin or currency is sold, exchanged, or

13  traded, except that, with respect to a coin or currency which

14  is legal tender of the United States and which is sold,

15  exchanged, or traded, such tax shall not be levied at a rate

16  in excess of its face value, the tax shall be at a rate of 6

17  percent of the difference between the price at which it is

18  sold, exchanged, or traded and its face value.

19         3.  There are exempt from this tax exchanges of coins

20  or currency which are in general circulation in, and legal

21  tender of, one nation for coins or currency which are in

22  general circulation in, and legal tender of, another nation

23  when exchanged solely for use as legal tender and at an

24  exchange rate based on the relative value of each as a medium

25  of exchange.

26         4.  With respect to any transaction that involves the

27  sale of coins or currency taxable under this paragraph in

28  which the taxable amount represented by the sale of such coins

29  or currency exceeds $500, the entire amount represented by the

30  sale of such coins or currency is exempt from the tax imposed

31  under this paragraph. The dealer must maintain proper


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    ENROLLED

    1999 Legislature                                     CS/HB 221



  1  documentation, as prescribed by rule of the department, to

  2  identify that portion of a transaction which involves the sale

  3  of coins or currency and is exempt under this subparagraph.

  4         Section 2.  Paragraph (zz) is added to subsection (7)

  5  of section 212.08, Florida Statutes, 1998 Supplement, to read:

  6         212.08  Sales, rental, use, consumption, distribution,

  7  and storage tax; specified exemptions.--The sale at retail,

  8  the rental, the use, the consumption, the distribution, and

  9  the storage to be used or consumed in this state of the

10  following are hereby specifically exempt from the tax imposed

11  by this chapter.

12         (7)  MISCELLANEOUS EXEMPTIONS.--

13         (zz)  Bullion.--The sale of gold, silver, or platinum

14  bullion, or any combination thereof, in a single transaction

15  is exempt if the sales price exceeds $500. The dealer must

16  maintain proper documentation, as prescribed by rule of the

17  department, to identify that portion of a transaction which

18  involves the sale of gold, silver, or platinum bullion and is

19  exempt under this paragraph.

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21  Exemptions provided to any entity by this subsection shall not

22  inure to any transaction otherwise taxable under this chapter

23  when payment is made by a representative or employee of such

24  entity by any means, including, but not limited to, cash,

25  check, or credit card even when that representative or

26  employee is subsequently reimbursed by such entity.

27         Section 3.  The executive director of the Department of

28  Revenue may adopt emergency rules under ss. 120.536(1) and

29  120.54(4), Florida Statutes, for the purpose of prescribing

30  the forms, documentation, and procedures necessary to

31  administer the exemptions provided under ss. 212.05(1)(k)2.


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    1999 Legislature                                     CS/HB 221



  1  and 4. and 212.08(7)(zz), Florida Statutes. Notwithstanding

  2  any other provision of law, such emergency rules shall remain

  3  effective for 6 months after the date of adoption. This

  4  section shall take effect upon this act becoming a law.

  5         Section 4.  Except as otherwise expressly provided

  6  herein, this act shall take effect July 1, 1999.

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