Senate Bill 0204

    Florida Senate - 2000                                   SB 204

    By Senator Clary





    7-170-00                                             See HB 67

  1                      A bill to be entitled

  2         An act relating to intangible personal property

  3         taxes; amending s. 199.185, F.S.; increasing

  4         the exemption from the annual tax granted to

  5         natural persons; 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 (2) of section 199.185, Florida

10  Statutes, is amended to read:

11         199.185  Property exempted from annual and nonrecurring

12  taxes.--

13         (2)(a)  With respect to the first mill of the annual

14  tax, every natural person is entitled each year to an

15  exemption of the first $250,000 $20,000 of the value of

16  property otherwise subject to said tax.  A husband and wife

17  filing jointly shall have an exemption of $500,000 $40,000.

18         (b)  With respect to the last 0.5 mill of the annual

19  tax, every natural person is entitled each year to an

20  exemption of the first $100,000 of the value of property

21  otherwise subject to said tax. A husband and wife filing

22  jointly shall have an exemption of $200,000.

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24  Agents and fiduciaries, other than guardians and custodians

25  under a gifts-to-minors act, filing as such may not claim this

26  exemption on behalf of their principals or beneficiaries;

27  however, if the principal or beneficiary returns the property

28  held by the agent or fiduciary and is a natural person, the

29  principal or beneficiary may claim the exemption.  No taxpayer

30  shall be entitled to more than one exemption under this

31  subsection paragraph (a) and one exemption under paragraph

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 204
    7-170-00                                             See HB 67




  1  (b).  This exemption shall not apply to that intangible

  2  personal property described in s. 199.023(1)(d).

  3         Section 2.  This act shall take effect January 1, 2001.

  4

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  6                          HOUSE SUMMARY

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      Increases the value of intangible personal property owned
  8    by a natural person which is exempt from the annual tax
      thereon from $20,000, with respect to the first mill of
  9    tax, and $100,000, with respect to the last 0.5 mill of
      tax, to a flat $250,000 (these amounts are doubled for a
10    husband and wife filing jointly).

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