Senate Bill sb0128

    Florida Senate - 2001                                   SB 128

    By Senator Lee





    23-73-01

  1                      A bill to be entitled

  2         An act relating to the tax on intangible

  3         personal property; amending s. 199.032, F.S.;

  4         reducing the rate of such tax; amending s.

  5         199.033, F.S.; reducing the rates of the tax on

  6         securities in a Florida's Future Investment

  7         Fund to conform; providing an effective date.

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

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11         Section 1.  Section 199.032, Florida Statutes, is

12  amended to read:

13         199.032  Levy of annual tax.--An annual tax of 0.5 1

14  mill is imposed on each dollar of the just valuation of all

15  intangible personal property that has a taxable situs in this

16  state, except for notes and other obligations for the payment

17  of money, other than bonds, which are secured by mortgage,

18  deed of trust, or other lien upon real property situated in

19  the state. This tax shall be assessed and collected as

20  provided in this chapter.

21         Section 2.  Subsection (1) of section 199.033, Florida

22  Statutes, is amended to read:

23         199.033  Securities in a Florida's Future Investment

24  Fund; tax rate.--

25         (1)  Notwithstanding the provisions of this chapter,

26  the tax imposed under s. 199.032 on securities in a Florida's

27  Future Investment Fund shall apply at the rate of 0.35 .85

28  mill when the average daily balance in such funds exceeds $2

29  billion and at the rate of 0.20 .70 mill when the average

30  daily balance in such funds exceeds $5 billion.

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    Florida Senate - 2001                                   SB 128
    23-73-01




  1         Section 3.  This act shall take effect July 1, 2001,

  2  and shall apply to tax years beginning after December 31,

  3  2001.

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  6                          SENATE SUMMARY

  7    Decreases the tax rate on intangible personal property,
      including securities in a Florida's Future Investment
  8    Fund, by one-half mill.

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