Senate Bill sb0556

    Florida Senate - 2005                                   SB 556

    By Senator Peaden





    2-617-05                                             See HB 89

  1                      A bill to be entitled

  2         An act relating to the documentary stamp tax on

  3         promissory or nonnegotiable notes and written

  4         obligations to pay money; amending s. 201.08,

  5         F.S.; exempting from the tax notes or other

  6         written obligations to pay money executed by

  7         agriculture producers in this state to the

  8         Commodity Credit Corporation and security

  9         instruments for such notes and obligations;

10         providing an effective date.

11  

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

13  

14         Section 1.  Subsection (3) of section 201.08, Florida

15  Statutes, is amended to read:

16         201.08  Tax on promissory or nonnegotiable notes,

17  written obligations to pay money, or assignments of wages or

18  other compensation; exception.--

19         (3)  No tax shall be required on:

20         (a)  Promissory notes executed for students to receive

21  financial aid from federal or state educational assistance

22  programs, from loans guaranteed by the Federal Government or

23  the state when federal regulations prohibit the assessment of

24  such taxes against the borrower, or for any financial aid

25  program administered by a state university or community

26  college, and the holders of such promissory notes shall not

27  lose any rights incident to the payment of such tax.

28         (b)  Notes or other written obligations to pay money

29  executed by agriculture producers in this state to the

30  Commodity Credit Corporation, an agency and instrumentality of

31  the Federal Government within the Department of Agriculture

                                  1

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






    Florida Senate - 2005                                   SB 556
    2-617-05                                             See HB 89




 1  created under 15 U.S.C. s. 714, and mortgages, liens, or other

 2  security instruments that arise from or are given as security

 3  for such notes or other written obligations.

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

 5  law.

 6  

 7  

 8  

 9  

10  

11  

12  

13  

14  

15  

16  

17  

18  

19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  2

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