1

The Committee on Finance and Tax (Geller) recommended the

2

following amendment:

3

4

     Senate Amendment (with title amendment)

5

     Delete everything after the enacting clause

6

and insert:

7

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

8

9

     Section 1.  Subsection (1) of section 201.02, Florida

10

Statutes, is amended to read:

11

     201.02  Tax on deeds and other instruments relating to real

12

property or interests in real property.--

13

     (1)(a) On deeds, instruments, documents, or writings

14

whereby any lands, tenements, or other real property, or any

15

interest therein, shall be granted, assigned, transferred, or

16

otherwise conveyed to, or vested in, the purchaser or any other

17

person by his or her direction, on each $100 of the

18

consideration therefor the tax shall be 70 cents except as

19

otherwise provided herein. When the full amount of the

20

consideration for the execution, assignment, transfer, or

21

conveyance is not shown in the face of such deed, instrument,

22

document, or writing, the tax shall be at the rate of 70 cents

23

for each $100 or fractional part thereof of the consideration

24

therefor except as otherwise provided herein. For purposes of

25

this section, consideration includes, but is not limited to, the

26

money paid or agreed to be paid; the discharge of an obligation;

27

and the amount of any mortgage, purchase money mortgage lien, or

28

other encumbrance, whether or not the underlying indebtedness is

29

assumed; and any increase in the value of any ownership interest

30

in a grantee entity or any other entity. If the consideration

31

paid or given in exchange for real property or any interest

32

therein includes property other than money, it is presumed that

33

there is a purchaser and that the consideration is equal to the

34

fair market value of the real property or interest therein.

35

     (b) If:

36

     1. A deed, instrument, document, or writing grants,

37

assigns, transfers, or conveys, any interest in real property;

38

     2. There is a mere change in form of ownership without

39

effecting any change in any beneficial ownership interests; and

40

     3. The only consideration given is an increase in the value

41

of any ownership interests in the grantee entity or any other

42

entity,

43

44

in lieu of paying the tax due on such deed, instrument, document

45

or writing, the parties to the grant, assignment, transfer, or

46

conveyance may make an election, on or before the date of the

47

grant, assignment, transfer, or conveyance, on a form issued by

48

the department, to not make payment of the tax due on such deed,

49

instrument, document or writing and instead to pay tax on the

50

fair market value of the real property upon the subsequent

51

change in any ownership interest in the real property, or the

52

subsequent transfer of any interest in the real property. The

53

form on which such election is made shall be attached to and

54

recorded with the deed, instrument, document, or writing that

55

grants, assigns, conveys, or otherwise transfers any interest in

56

the real property. However, when an election has been made, no

57

tax shall apply to the subsequent transfer of the ownership

58

interest in the legal entity, or the subsequent transfer of an

59

interest in the real property, when the subsequent transfer is

60

limited to a return of the identical interest in the real

61

property by the grantee legal entity to the identical grantor or

62

grantors resulting in no change in the beneficial ownership

63

interests originally held in the real property.

64

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

65

and shall apply to transfers of property for which the first

66

transfer to an artificial entity occurs after the effective date

67

of this act.

68

69

================ T I T L E  A M E N D M E N T ================

70

And the title is amended as follows:

71

     Delete everything before the enacting clause

72

and insert:

73

A bill to be entitled

74

An act relating to the excise tax on documents; amending

75

s. 210.02, F.S.: revising criteria determining liability

76

for payment of the tax; providing requirements and methods

77

for making an election regarding payment of tax under

78

specified circumstances; providing requirements; providing

79

for an application; providing an effective date.

4/21/2008  8:56:00 AM     FT.FT.08086