Senate Bill sb0128c1

    Florida Senate - 2001                   CS for SB's 128 & 1598

    By the Committee on Finance and Taxation; and Senators Lee,
    King, Cowin and Crist




    314-1981-01

  1                      A bill to be entitled

  2         An act relating to intangible personal property

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

  4         exemptions for taxpayers who are natural

  5         persons; creating exemptions for taxpayers who

  6         are not natural persons; providing an effective

  7         date.

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

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11         Section 1.  Subsection (2) of section 199.185, Florida

12  Statutes, is amended to read:

13         199.185  Property exempted from annual and nonrecurring

14  taxes.--

15         (2)  Every natural person is entitled each year to an

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

17  property otherwise subject to the annual tax.  A husband and

18  wife filing jointly shall have an exemption of $500,000

19  $40,000.  Every taxpayer that is not a natural person is

20  entitled each year to an exemption of the first $250,000 of

21  the value of property otherwise subject to the tax.  Agents

22  and fiduciaries, other than guardians and custodians under a

23  gifts-to-minors act, filing as such may not claim this

24  exemption on behalf of their principals or beneficiaries;

25  however, if the principal or beneficiary returns the property

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

27  principal or beneficiary may claim the exemption.  No taxpayer

28  shall be entitled to more than one exemption under this

29  subsection.  This exemption shall not apply to that intangible

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

31         Section 2.  This act shall take effect January 1, 2002.

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






    Florida Senate - 2001                   CS for SB's 128 & 1598
    314-1981-01




  1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
  2                        SB's 128 and 1598

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  4  This committee substitute increases the intangibles tax
    exemptions for individuals and married couples to $250,000 and
  5  $500,000, respectively, and provides a new exemption for other
    taxpayers of $250,000.
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CODING: Words stricken are deletions; words underlined are additions.