Amendment
Bill No. 0791
Amendment No. 901637
CHAMBER ACTION
Senate House
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1Representative Gottlieb offered the following:
2
3     Amendment (with title amendment)
4     Remove the entire body and insert:
5     Section 1.  Section 199.032, Florida Statutes, is amended
6to read:
7     199.032  Levy of annual tax.--An annual tax of 2 mills 1
8mill is imposed on each dollar of the just valuation of all
9intangible personal property that has a taxable situs in this
10state of a business or an individual with over $1 million in
11taxable assets or of a couple with over $2 million in taxable
12assets, except for notes and other obligations for the payment
13of money, other than bonds, which are secured by mortgage, deed
14of trust, or other lien upon real property situated in the
15state. This tax shall be assessed and collected as provided in
16this chapter.
17     Section 2.  The amendment of s. 199.032, Florida Statutes,
18by this act shall expire on December 31, 2005, and the text of
19that section shall revert to that in existence on December 31,
202004, except that any amendments to such text enacted other than
21by this act shall be preserved and continue to operate to the
22extent that such amendments are not dependent upon the portions
23of such text which expired pursuant to the provisions of this
24act.
25     Section 3.  The revenues generated by the increase in the
26annual intangible personal property tax levied under s. 199.032,
27Florida Statutes, as amended by this act, shall be used to reduce
28the required local effort on school property taxes for the 2004-
292005 fiscal year, notwithstanding any amount appropriated in the
30General Appropriations Act for such fiscal year.
31     Section 4.  Subsection (7) of section 199.023, Florida
32Statutes, is amended to read:
33     199.023  Definitions.--As used in this chapter:
34     (7)  A resident has a "beneficial interest" in a trust if
35the resident has a vested interest, even if subject to
36divestment, which includes at least a current right to income
37and either a power to revoke the trust or a general power of
38appointment, as defined in 26 U.S.C. s. 2041(b)(1). For purposes
39of this chapter, a resident is deemed to have a beneficial
40interest in a trust if the resident is a grantor of an
41irrevocable trust formed under any arrangement, verbal or
42written, providing for more than 25 percent of the assets of the
43trust to be transferred back to the grantor or beneficiary
44within 10 years other than as the result of death of the
45grantor. Particularly, any interest in assets in a trust
46designated as a Florida Intangible Tax Exempt Trust, or a
47similar arrangement, is deemed a beneficial interest.
48     Section 5.  This act shall take effect January 1, 2005.
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51================= T I T L E  A M E N D M E N T =================
52     Remove the entire title and insert:
53
A bill to be entitled
54An act relating to the annual intangible personal property
55tax; amending s. 199.032, F.S.; increasing the tax rate for
56one year; providing for reversion of the tax rate; amending
57s. 199.023, F.S.; specifying additional criteria for
58deeming a resident to have a beneficial interest in certain
59trusts for purposes of intangible personal property tax
60liability; providing construction; specifying uses of
61increased revenues from the increase in the tax; providing
62an effective date.


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