Senate Bill sb0034B

    Florida Senate - 2001                                  SB 34-B

    By Senators Pruitt, Rossin, Villalobos, Campbell, Smith,
    Futch, Geller, Holzendorf, Dyer, Wasserman Schultz, Sullivan,
    Latvala, Saunders, Miller, Mitchell, Lawson, Dawson, Silver,
    Jones and King


    27-401-02

  1                      A bill to be entitled

  2         An act relating to taxes on intangible personal

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

  4         the amount of the exemptions provided to

  5         natural persons; deleting the exemption

  6         provided to other taxpayers; providing an

  7         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.  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 $20,000 $250,000 of the value of

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

18  wife filing jointly shall have an exemption of $40,000

19  $500,000. 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 and

22  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).

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






    Florida Senate - 2001                                  SB 34-B
    27-401-02




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

  2  law.

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  5                          SENATE SUMMARY

  6    Reduces the amount of the exemptions from the taxes on
      intangible personal property which are provided to
  7    natural persons. Repeals all such exemptions that are
      currently provided to taxpayers other than natural
  8    persons.

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