| 1 | Representatives(s) Ryan offered the following: |
| 2 |
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| 3 | Substitute Amendment for Amendment (262369) (with title |
| 4 | amendment) |
| 5 | Remove everything after the enacting clause, and insert: |
| 6 | Section 1. (1) Subsection (7) of section 199.023, Florida |
| 7 | Statutes, is amended to read: |
| 8 | 199.023 Definitions.--As used in this chapter: |
| 9 | (7) A resident has a "beneficial interest" in a trust if |
| 10 | any income or principal of the trust may be distributed to the |
| 11 | resident or if the resident has a vested interest, even if |
| 12 | subject to divestment, which includes at least a current right |
| 13 | to income and either a power to revoke the trust or a general |
| 14 | power of appointment, as defined in 26 U.S.C. s. 2041(b)(1). |
| 15 | (2) The Department of Revenue may adopt any rules |
| 16 | necessary to carry out the intent of this section. |
| 17 | Section 2. Section 199.105, Florida Statutes, is created |
| 18 | to read: |
| 19 | 199.105 Anti-avoidance provision.-- |
| 20 | (1) Any taxpayer who, within 60 days prior to December 31 |
| 21 | of any year, sells, transfers, or conveys any taxable intangible |
| 22 | personal property to any person or entity outside the state and |
| 23 | within 60 days after January 1 repurchases or receives the same |
| 24 | or identical property shall be taxed with regard to such |
| 25 | property as if the transfer had not taken place. Such a transfer |
| 26 | shall be prima facie evidence of intent to evade taxation and |
| 27 | the taxpayer has the burden of proving the existence of a bona |
| 28 | fide investment or business purpose, other than the avoidance of |
| 29 | taxes, for such transactions. |
| 30 | (2) The Department of Revenue may adopt any rules |
| 31 | necessary to carry out the intent of this section. |
| 32 | Section 3. Subsection (2) of section 199.185, Florida |
| 33 | Statutes, is amended to read: |
| 34 | 199.185 Property exempted from annual and nonrecurring |
| 35 | taxes.-- |
| 36 | (2) Every natural person is entitled each year to an |
| 37 | exemption of the first $1 million $250,000 of the value of |
| 38 | property otherwise subject to the annual tax. A husband and wife |
| 39 | filing jointly shall have an exemption of $2 million $500,000. |
| 40 | Every taxpayer that is not a natural person is entitled each |
| 41 | year to an exemption of the first $1 million $250,000 of the |
| 42 | value of property otherwise subject to the tax. Agents and |
| 43 | fiduciaries, other than guardians and custodians under a gifts- |
| 44 | to-minors act, filing as such may not claim this exemption on |
| 45 | behalf of their principals or beneficiaries; however, if the |
| 46 | principal or beneficiary returns the property held by the agent |
| 47 | or fiduciary and is a natural person, the principal or |
| 48 | beneficiary may claim the exemption. No taxpayer shall be |
| 49 | entitled to more than one exemption under this subsection. This |
| 50 | exemption shall not apply to that intangible personal property |
| 51 | described in s. 199.023(1)(d). |
| 52 | Section 4. This act shall take effect upon becoming a law. |
| 53 |
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| 54 | ================ T I T L E A M E N D M E N T ============= |
| 55 | Remove the entire title, and insert: |
| 56 | A bill to be entitled |
| 57 | An act relating to the annual intangible personal property |
| 58 | tax; amending s. 199.023, F.S.; revising a definition; |
| 59 | authorizing the Department of Revenue to adopt rules; |
| 60 | creating s. 199.105, F.S.; creating an anti-avoidance tax |
| 61 | provision; providing for taxing certain sales, transfers, |
| 62 | or conveyances of taxable intangible personal property |
| 63 | under certain circumstances; providing for prima facie |
| 64 | evidence of intent to avoid taxation; requiring a taxpayer |
| 65 | to prove existence of bona fide investment or business |
| 66 | purpose; authorizing the Department of Revenue to adopt |
| 67 | rules; amending s. 199.185, F.S.; increasing the exempt |
| 68 | value of property subject to the tax; providing an |
| 69 | effective date. |