| 1 | A bill to be entitled |
| 2 | An act relating to the excise tax on promissory notes; |
| 3 | amending s. 201.08, F.S.; exempting from the tax |
| 4 | promissory notes executed in conjunction with issuance of |
| 5 | disaster loans under certain federal disaster loan |
| 6 | programs; providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Subsection (3) of section 201.08, Florida |
| 11 | Statutes, is amended to read: |
| 12 | 201.08 Tax on promissory or nonnegotiable notes, written |
| 13 | obligations to pay money, or assignments of wages or other |
| 14 | compensation; exception.-- |
| 15 | (3) No tax shall be required on promissory notes executed: |
| 16 | (a) For students to receive financial aid from federal or |
| 17 | state educational assistance programs, from loans guaranteed by |
| 18 | the Federal Government or the state when federal regulations |
| 19 | prohibit the assessment of such taxes against the borrower, or |
| 20 | for any financial aid program administered by a state university |
| 21 | or community college, and the holders of such promissory notes |
| 22 | shall not lose any rights incident to the payment of such tax; |
| 23 | or |
| 24 | (b) In conjunction with the issuance of a disaster loan |
| 25 | under any disaster loan program of the United States Small |
| 26 | Business Administration. |
| 27 | Section 2. This act shall take effect upon becoming a law. |