Senate Bill sb0044C
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2001 SB 44-C
By Senator Pruitt
27-663A-02
1 A bill to be entitled
2 An act relating to the tax on intangible
3 property; amending s. 199.185, F.S.; postponing
4 the increase in exemptions under the tax on
5 intangible property; authorizing the Department
6 of Revenue to adopt emergency rules; providing
7 an 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. Effective January 1, 2002, subsection (2)
12 of section 199.185, Florida 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 44-C
27-663A-02
1 Section 2. Effective July 1, 2003, subsection (2) of
2 section 199.185, Florida Statutes, as amended by this act, is
3 amended to read:
4 199.185 Property exempted from annual and nonrecurring
5 taxes.--
6 (2) Every natural person is entitled each year to an
7 exemption of the first $250,000 $20,000 of the value of
8 property otherwise subject to the annual tax. A husband and
9 wife filing jointly shall have an exemption of $500,000
10 $40,000. Every taxpayer that is not a natural person is
11 entitled each year to an exemption of the first $250,000 of
12 the value of property otherwise subject to the tax. Agents and
13 fiduciaries, other than guardians and custodians under a
14 gifts-to-minors act, filing as such may not claim this
15 exemption on behalf of their principals or beneficiaries;
16 however, if the principal or beneficiary returns the property
17 held by the agent or fiduciary and is a natural person, the
18 principal or beneficiary may claim the exemption. No taxpayer
19 shall be entitled to more than one exemption under this
20 subsection. This exemption shall not apply to that intangible
21 personal property described in s. 199.023(1)(d).
22 Section 3. The Executive Director of the Department of
23 Revenue is authorized, and all conditions are deemed met, to
24 adopt emergency rules under sections 120.536(1) and 120.54(4),
25 Florida Statutes, to implement this act. Notwithstanding any
26 other provision of law, such emergency rules shall remain
27 effective for 6 months after the date of adoption and may be
28 renewed during the pendency of procedures to adopt rules
29 addressing the subject of the emergency rules.
30 Section 4. This act shall take effect upon becoming a
31 law.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2001 SB 44-C
27-663A-02
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2 SENATE SUMMARY
3 Postpones, for 18 months, the increase in exemptions
under the tax on intangible property which is scheduled
4 to take effect January 1, 2002.
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CODING: Words stricken are deletions; words underlined are additions.