SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    

                            CHAMBER ACTION
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11  Senators Mitchell, Rossin and Dyer moved the following

12  amendment:

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14         Senate Amendment (with title amendment) 

15         On page 2, line 6, through

16            page 4, line 28, delete those lines

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18  and insert:

19         Section 1.  Paragraph (l) of subsection (1) and

20  subsection (2) of section 199.185, Florida Statutes, are

21  amended to read:

22         199.185  Property exempted from annual and nonrecurring

23  taxes.--

24         (1)  The following intangible personal property shall

25  be exempt from the annual and nonrecurring taxes imposed by

26  this chapter:

27         (l)  Two-thirds of The accounts receivable arising or

28  acquired in the ordinary course of a trade or business which

29  are owned, controlled, or managed by a taxpayer on January 1,

30  2001 2000, and thereafter. It is the intent of the Legislature

31  that, pursuant to future legislative action, the portion of

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    





 1  such accounts receivable exempt from taxation be increased to

 2  all such accounts receivable on January 1, 2001, and

 3  thereafter. This exemption does not apply to accounts

 4  receivable that arise outside the taxpayer's ordinary course

 5  of trade or business. For the purposes of this chapter, the

 6  term "accounts receivable" means a business debt that is owed

 7  by another to the taxpayer or the taxpayer's assignee in the

 8  ordinary course of trade or business and is not supported by

 9  negotiable instruments. Accounts receivable include, but are

10  not limited to, credit card receivables, charge card

11  receivables, credit receivables, margin receivables, inventory

12  or other floor plan financing, lease payments past due,

13  conditional sales contracts, retail installment sales

14  agreements, financing lease contracts, and a claim against a

15  debtor usually arising from sales or services rendered and

16  which is not necessarily due or past due. The examples

17  specified in this paragraph shall be deemed not to be

18  supported by negotiable instruments. The term "negotiable

19  instrument" means a written document that is legally capable

20  of being transferred by indorsement or delivery. The term

21  "indorsement" means the act of a payee or holder in writing

22  his or her name on the back of an instrument without further

23  qualifying words other than "pay to the order of" or "pay to"

24  whereby the property is assigned and transferred to another.

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

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

27  exemption of the first $200,000 $20,000 of the value of

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

29  filing jointly shall have an exemption of $400,000 $40,000.

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

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

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    





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

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

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

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 5  Agents and fiduciaries, other than guardians and custodians

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

 7  exemption on behalf of their principals or beneficiaries;

 8  however, if the principal or beneficiary returns the property

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

10  principal or beneficiary may claim the exemption.  No taxpayer

11  shall be entitled to more than one exemption under this

12  subsection paragraph (a) and one exemption under paragraph

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

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

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16  (Redesignate subsequent sections.)

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19  ================ T I T L E   A M E N D M E N T ===============

20  And the title is amended as follows:

21         On page 1, lines 3-10, delete those lines

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23  and insert:

24         personal property; amending s. 199.185, F.S.;

25         exempting certain accounts receivable from the

26         tax as of a specified date; increasing the

27         exemption from the annual tax; amending s.

28         199.023, F.S.;

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