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| 1 | A bill to be entitled | ||
| 2 | An act relating to the documentary stamp tax on promissory | ||
| 3 | or nonnegotiable notes and written obligations to pay | ||
| 4 | money; amending s. 201.08, F.S.; exempting from the tax | ||
| 5 | notes or other written obligations to pay money executed | ||
| 6 | by agriculture producers in this state to the Commodity | ||
| 7 | Credit Corporation and security instruments for such notes | ||
| 8 | and obligations; providing an effective date. | ||
| 9 | |||
| 10 | Be It Enacted by the Legislature of the State of Florida: | ||
| 11 | |||
| 12 | Section 1. Subsection (3) of section 201.08, Florida | ||
| 13 | Statutes, is amended to read: | ||
| 14 | 201.08 Tax on promissory or nonnegotiable notes, written | ||
| 15 | obligations to pay money, or assignments of wages or other | ||
| 16 | compensation; exception.-- | ||
| 17 | (3) No tax shall be required on: | ||
| 18 | (a)Promissory notes executed for students to receive | ||
| 19 | financial aid from federal or state educational assistance | ||
| 20 | programs, from loans guaranteed by the Federal Government or the | ||
| 21 | state when federal regulations prohibit the assessment of such | ||
| 22 | taxes against the borrower, or for any financial aid program | ||
| 23 | administered by a state university or community college, and the | ||
| 24 | holders of such promissory notes shall not lose any rights | ||
| 25 | incident to the payment of such tax. | ||
| 26 | (b) Notes or other written obligations to pay money | ||
| 27 | executed by agriculture producers in this state to the Commodity | ||
| 28 | Credit Corporation, an agency and instrumentality of the Federal | ||
| 29 | Government within the Department of Agriculture created under 15 | ||
| 30 | U.S.C. s. 714, and mortgages, liens, or other security | ||
| 31 | instruments that arise from or are given as security for such | ||
| 32 | notes or other written obligations. | ||
| 33 | Section 2. This act shall take effect upon becoming a law. | ||