Senate Bill sb2836

    Florida Senate - 2004                                  SB 2836

    By Senator Miller





    18-1434-04                                              See HB

  1                      A bill to be entitled

  2         An act relating to beneficial interest in

  3         trusts; amending s. 199.023, F.S.; specifying

  4         additional criteria for deeming a resident to

  5         have a beneficial interest in certain trusts

  6         for purposes of intangible personal property

  7         tax liability; providing an effective date.

  8  

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

10  

11         Section 1.  Subsection (7) of section 199.023, Florida

12  Statutes, is amended to read:

13         199.023  Definitions.--As used in this chapter:

14         (7)  A resident has a "beneficial interest" in a trust

15  if the resident has a vested interest, even if subject to

16  divestment, which includes at least a current right to income

17  and either a power to revoke the trust or a general power of

18  appointment, as defined in 26 U.S.C. s. 2041(b)(1). For

19  purposes of this chapter, a resident is deemed to have a

20  beneficial interest in a trust if the resident is a grantor of

21  an irrevocable trust formed under any arrangement, verbal or

22  written, providing for more than 25 percent of the assets of

23  the trust to be transferred back to the grantor or beneficiary

24  within 10 years other than as the result of death of the

25  grantor. Particularly, any interest in assets in a trust

26  designated as a Florida Intangible Tax Exempt Trust, or a

27  similar arrangement, is deemed a beneficial interest.

28         Section 2.  This act shall take effect December 31,

29  2004.

30  

31  

                                  1

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