HB 1133

1	A bill to be entitled
2	An act relating to beneficial interest in trusts; amending
3	s. 199.023, F.S.; specifying additional criteria for
4	deeming a resident to have a beneficial interest in
5	certain trusts for purposes of intangible personal
6	property tax liability; providing an effective date.
7
8	Be It Enacted by the Legislature of the State of Florida:
9
10	Section 1.  Subsection (7) of section 199.023, Florida
11	Statutes, is amended to read:
12	199.023  Definitions.--As used in this chapter:
13	(7)  A resident has a "beneficial interest" in a trust if
14	the resident has a vested interest, even if subject to
15	divestment, which includes at least a current right to income
16	and either a power to revoke the trust or a general power of
17	appointment, as defined in 26 U.S.C. s. 2041(b)(1). For purposes
18	of this chapter, a resident is deemed to have a beneficial
19	interest in a trust if the resident is a grantor of an
20	irrevocable trust formed under any arrangement, verbal or
21	written, providing for more than 25 percent of the assets of the
22	trust to be transferred back to the grantor or beneficiary
23	within 10 years other than as the result of death of the
24	grantor. Particularly, any interest in assets in a trust
25	designated as a Florida Intangible Tax Exempt Trust, or a
26	similar arrangement, is deemed a beneficial interest.
27	Section 2.  This act shall take effect December 31, 2004.

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