| 1 | Representative(s) Gottlieb offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Remove everything after the enacting clause and insert: |
| 5 | Section 1. Section 199.032, Florida Statutes, is amended |
| 6 | to read: |
| 7 | 199.032 Levy of annual tax.--An annual tax of 2 mills 1 |
| 8 | mill is imposed on each dollar of the just valuation of all |
| 9 | intangible personal property that has a taxable situs in this |
| 10 | state, except for notes and other obligations for the payment of |
| 11 | money, other than bonds, which are secured by mortgage, deed of |
| 12 | trust, or other lien upon real property situated in the state. |
| 13 | This tax shall be assessed and collected as provided in this |
| 14 | chapter. |
| 15 | Section 2. Subsection (7) of section 199.023, Florida |
| 16 | Statutes, is amended to read: |
| 17 | 199.023 Definitions.--As used in this chapter: |
| 18 | (7) A resident has a "beneficial interest" in a trust if |
| 19 | the resident has a vested interest, even if subject to |
| 20 | divestment, which includes at least a current right to income |
| 21 | and either a power to revoke the trust or a general power of |
| 22 | appointment, as defined in 26 U.S.C. s. 2041(b)(1). For purposes |
| 23 | of this chapter, a resident is deemed to have a beneficial |
| 24 | interest in a trust if the resident is a grantor of an |
| 25 | irrevocable trust formed under any arrangement, verbal or |
| 26 | written, providing for more than 25 percent of the assets of the |
| 27 | trust to be transferred back to the grantor or beneficiary |
| 28 | within 10 years other than as the result of death of the |
| 29 | grantor. Particularly, any interest in assets in a trust |
| 30 | designated as a Florida Intangible Tax Exempt Trust, or a |
| 31 | similar arrangement, is deemed a beneficial interest. |
| 32 | Section 3. The revenues generated by the increase in the |
| 33 | annual intangible personal property tax levied under s. 199.032, |
| 34 | Florida Statutes, as amended by this act, shall be used to reduce |
| 35 | the required local effort on school property taxes for the 2005- |
| 36 | 2006 fiscal year and each fiscal year thereafter, notwithstanding |
| 37 | any amount appropriated in the General Appropriations Act for |
| 38 | such fiscal years. |
| 39 | Section 4. This act shall take effect July 1, 2005. |
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| 42 | ================= T I T L E A M E N D M E N T ================= |
| 43 | Remove the entire title and insert: |
| 44 | A bill to be entitled |
| 45 | An act relating to the annual intangible personal property |
| 46 | tax; amending s. 199.032, F.S.; increasing the millage |
| 47 | rate; amending s. 199.023, F.S.; specifying additional |
| 48 | criteria for deeming a resident to have a beneficial |
| 49 | interest in certain trusts for purposes of intangible |
| 50 | personal property tax liability; providing construction; |
| 51 | specifying uses of increased revenues from the increase in |
| 52 | the tax; providing an effective date. |