Senate Bill sb1598

    Florida Senate - 2001                                  SB 1598

    By Senator King





    8-160-01

  1                      A bill to be entitled

  2         An act relating to the tax on intangible

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

  4         increasing the amount of the exemption from

  5         such tax; providing an effective date.

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

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

10  Statutes, is amended to read:

11         199.185  Property exempted from annual and nonrecurring

12  taxes.--

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

14  exemption of the first $50,000 $20,000 of the value of

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

16  wife filing jointly shall have an exemption of $100,000

17  $40,000. Agents and fiduciaries, other than guardians and

18  custodians under a gifts-to-minors act, filing as such may not

19  claim this exemption on behalf of their principals or

20  beneficiaries; however, if the principal or beneficiary

21  returns the property held by the agent or fiduciary and is a

22  natural person, the principal or beneficiary may claim the

23  exemption.  No taxpayer shall be entitled to more than one

24  exemption under this subsection.  This exemption shall not

25  apply to that intangible personal property described in s.

26  199.023(1)(d).

27         Section 2.  This act shall take effect upon becoming a

28  law.

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    Florida Senate - 2001                                  SB 1598
    8-160-01




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  2                          SENATE SUMMARY

  3    Increases the value of property exempt from intangible
      taxation from $20,000 to $50,000 for a single taxpayer
  4    and from $40,000 to $100,000 for a husband and wife
      filing jointly.
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CODING: Words stricken are deletions; words underlined are additions.