Senate Bill sb1358

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    Florida Senate - 2001                                  SB 1358

    By Senator Posey





    15-571-01

  1                      A bill to be entitled

  2         An act relating to the documents excise tax on

  3         instruments relating to real property; amending

  4         s. 201.02, F.S.; providing an exemption for

  5         certain transfers to a limited liability

  6         corporation if the owners of the transferee are

  7         immediate family members of the transferor;

  8         providing an effective date.

  9

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

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12         Section 1.  Section 201.02, Florida Statutes, is

13  amended to read:

14         201.02  Tax on deeds and other instruments relating to

15  real property or interests in real property.--

16         (1)  On deeds, instruments, or writings whereby any

17  lands, tenements, or other real property, or any interest

18  therein, shall be granted, assigned, transferred, or otherwise

19  conveyed to, or vested in, the purchaser or any other person

20  by his or her direction, on each $100 of the consideration

21  therefor the tax shall be 70 cents.  When the full amount of

22  the consideration for the execution, assignment, transfer, or

23  conveyance is not shown in the face of such deed, instrument,

24  document, or writing, the tax shall be at the rate of 70 cents

25  for each $100 or fractional part thereof of the consideration

26  therefor.  For purposes of this section, consideration

27  includes, but is not limited to, the money paid or agreed to

28  be paid; the discharge of an obligation; and the amount of any

29  mortgage, purchase money mortgage lien, or other encumbrance,

30  whether or not the underlying indebtedness is assumed. If the

31  consideration paid or given in exchange for real property or

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    Florida Senate - 2001                                  SB 1358
    15-571-01




  1  any interest therein includes property other than money, it is

  2  presumed that the consideration is equal to the fair market

  3  value of the real property or interest therein.

  4         (2)  The tax imposed by subsection (1) shall also be

  5  payable upon documents by which the right is granted to a

  6  tenant-stockholder to occupy an apartment in a building owned

  7  by a cooperative apartment corporation or in a dwelling on

  8  real property owned by any other form of cooperative

  9  association as defined in s. 719.103.

10         (3)  The tax imposed by subsection (2) shall be paid by

11  the purchaser, and the document recorded in the office of the

12  clerk of the circuit court as evidence of ownership.

13         (4)  The tax imposed by subsection (1) shall also be

14  payable upon documents which convey or transfer, pursuant to

15  s. 689.071, any beneficial interest in lands, tenements, or

16  other real property, or any interest therein, even though such

17  interest may be designated as personal property,

18  notwithstanding the provisions of s. 689.071(4).  The tax

19  shall be paid upon execution of any such document.

20         (5)  All conveyances of real property to a partner from

21  a partnership which property was conveyed to the partnership

22  after July 1, 1986, are taxable if:

23         (a)  The partner receiving the real property from the

24  partnership is a partner other than the partner who conveyed

25  the real property to the partnership; or

26         (b)  The partner receiving the real property from the

27  partnership is the partner who conveyed the real property to

28  the partnership and there is a mortgage debt or other debt

29  secured by such real property for which the partner was not

30  personally liable prior to conveying the real property to the

31  partnership.

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    Florida Senate - 2001                                  SB 1358
    15-571-01




  1

  2  For purposes of this subsection, the value of the

  3  consideration paid for the conveyance of the real property to

  4  the partner from the partnership includes, but is not limited

  5  to, the amount of any outstanding mortgage debt or other debt

  6  which the partner pays or agrees to pay in exchange for the

  7  real property, regardless of whether the partner was

  8  personally liable for the debts of the partnership prior to

  9  the conveyance to the partner from the partnership.

10         (6)  Taxes imposed by this section shall not apply to

11  any assignment, transfer, or other disposition, or any

12  document, which arises out of a transfer of real property from

13  a nonprofit organization to the Board of Trustees of the

14  Internal Improvement Trust Fund, to any state agency, to any

15  water management district, or to any local government.  For

16  purposes of this subsection, "nonprofit organization" means an

17  organization whose purpose is the preservation of natural

18  resources and which is exempt from federal income tax under s.

19  501(c)(3) of the Internal Revenue Code. The Department of

20  Revenue shall provide a form, or a place on an existing form,

21  for the nonprofit organization to indicate its exempt status.

22         (7)  Taxes imposed by this section do not apply to a

23  deed, transfer, or conveyance between spouses or former

24  spouses pursuant to an action for dissolution of their

25  marriage wherein the real property is or was their marital

26  home or an interest therein. Taxes paid pursuant to this

27  section shall be refunded in those cases in which a deed,

28  transfer, or conveyance occurred 1 year before a dissolution

29  of marriage. This subsection applies in spite of any

30  consideration as defined in subsection (1). This subsection

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    Florida Senate - 2001                                  SB 1358
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  1  does not apply to a deed, transfer, or conveyance executed

  2  before July 1, 1997.

  3         (8)  Taxes imposed by this section do not apply to any

  4  document that arises out of the transfer of real property from

  5  a proprietorship or partnership to a limited liability

  6  corporation if the owners of the transferee limited liability

  7  corporation are members of the transferor's immediate family.

  8  As used in this subsection, the term "immediate family"

  9  includes a transferor's spouse or the parent, child,

10  grandparent, or sibling of the transferor or of the

11  transferor's spouse.

12         Section 2.  This act shall take effect July 1, 2001.

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15                          SENATE SUMMARY

16    Exempts from the documents excise tax on instruments
      relating to real property those documents relating to a
17    transfer of real property from a proprietorship or
      partnership to a limited liability corporation if the
18    owners of the transferee are members of the transferor's
      immediate family.
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