| 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. |