House Bill hb0009C

    Florida House of Representatives - 2001                 HB 9-C

        By Representative Detert






  1                      A bill to be entitled

  2         An act relating to the intangibles tax;

  3         amending s. 1 of ch. 2001-225, Laws of Florida;

  4         delaying the effective date of an increase for

  5         natural persons in the exempt value of property

  6         subject to the tax and the grant to taxpayers

  7         who are not natural persons of an exemption of

  8         a certain amount of the value of property

  9         subject to the tax; providing for retroactive

10         operation under certain circumstances;

11         providing an effective date.

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

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15         Section 1.  Section 1 of chapter 2001-225, Laws of

16  Florida, is amended to read:

17         Section 1.  Effective July January 1, 2003 2002,

18  subsection (2) of section 199.185, Florida Statutes, is

19  amended to read:

20         199.185  Property exempted from annual and nonrecurring

21  taxes.--

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

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

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

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

26  $40,000.  Every taxpayer that is not a natural person is

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

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

29  and fiduciaries, other than guardians and custodians under a

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

31  exemption on behalf of their principals or beneficiaries;

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






    Florida House of Representatives - 2001                 HB 9-C

    724-131-01C






  1  however, if the principal or beneficiary returns the property

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

  3  principal or beneficiary may claim the exemption.  No taxpayer

  4  shall be entitled to more than one exemption under this

  5  subsection.  This exemption shall not apply to that intangible

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

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

  8  law, but if it becomes a law after December 31, 2001, it shall

  9  operate retroactively to December 31, 2001.

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12                          HOUSE SUMMARY

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      Delays the effective date of an increase for natural
14    persons in the exempt value of property subject to the
      intangibles tax and the grant of an exemption to
15    taxpayers who are not natural persons of the first
      $250,000 of the value of property otherwise subject to
16    the tax.

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