House Bill hb0021e1

                                            HB 21, First Engrossed



  1                      A bill to be entitled

  2         An act relating to intangible personal property

  3         taxes; amending s. 199.032, F.S.; reducing the

  4         rate of the annual tax; amending s. 199.033,

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

  6         securities in a Florida's Future Investment

  7         Fund, to conform; amending s. 199.185, F.S.;

  8         increasing exemptions for taxpayers who are

  9         natural persons; creating exemptions for

10         taxpayers who are not natural persons;

11         providing an effective date.

12

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

14

15         Section 1.  Section 199.032, Florida Statutes, is

16  amended to read:

17         199.032  Levy of annual tax.--An annual tax of .75 1

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

19  intangible personal property that has a taxable situs in this

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

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

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

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

24  provided in this chapter.

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

26  Statutes, is amended to read:

27         199.033  Securities in a Florida's Future Investment

28  Fund; tax rate.--

29         (1)  Notwithstanding the provisions of this chapter,

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

31  Future Investment Fund shall apply at the rate of .64 .85 mill


                                  1

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






                                            HB 21, First Engrossed



  1  when the average daily balance in such funds exceeds $2

  2  billion and at the rate of .53 .70 mill when the average daily

  3  balance in such funds exceeds $5 billion.

  4         Section 3.  Subsection (2) of section 199.185, Florida

  5  Statutes, is amended to read:

  6         199.185  Property exempted from annual and nonrecurring

  7  taxes.--

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

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

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

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

12  $40,000.  Every taxpayer that is not a natural person is

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

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

15  and fiduciaries, other than guardians and custodians under a

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

17  exemption on behalf of their principals or beneficiaries;

18  however, if the principal or beneficiary returns the property

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

20  principal or beneficiary may claim the exemption.  No taxpayer

21  shall be entitled to more than one exemption under this

22  subsection.  This exemption shall not apply to that intangible

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

24         Section 4.  This act shall take effect January 1, 2002.

25

26

27

28

29

30

31


                                  2

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