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         Delete everything after the enacting clause

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17  and insert:

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

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

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

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

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

29  2001 2000, and thereafter. It is the intent of the Legislature

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

31  such accounts receivable exempt from taxation be increased to

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    





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

 2  thereafter. This exemption does not apply to accounts

 3  receivable that arise outside the taxpayer's ordinary course

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

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

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

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

 8  negotiable instruments. Accounts receivable include, but are

 9  not limited to, credit card receivables, charge card

10  receivables, credit receivables, margin receivables, inventory

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

12  conditional sales contracts, retail installment sales

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

14  debtor usually arising from sales or services rendered and

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

16  specified in this paragraph shall be deemed not to be

17  supported by negotiable instruments. The term "negotiable

18  instrument" means a written document that is legally capable

19  of being transferred by indorsement or delivery. The term

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

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

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

23  whereby the property is assigned and transferred to another.

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

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

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

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

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

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

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

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

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 60

    Amendment No.    





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

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

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 4  Agents and fiduciaries, other than guardians and custodians

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

 6  exemption on behalf of their principals or beneficiaries;

 7  however, if the principal or beneficiary returns the property

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

 9  principal or beneficiary may claim the exemption.  No taxpayer

10  shall be entitled to more than one exemption under this

11  subsection paragraph (a) and one exemption under paragraph

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

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

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

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

18  And the title is amended as follows:

19         Delete everything before the enacting clause

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21  and insert:

22                      A bill to be entitled

23         An act relating to the tax on intangible

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; providing an

28         effective date.

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