Florida Senate - 2009                          SENATOR AMENDMENT
       Bill No. CS/CS/CS/SB 2430, 1st Eng.
       
       
       
       
       
       
                                Barcode 738406                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/3R         .                                
             04/27/2009 03:02 PM       .                                
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       Senator Gelber moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 252 - 308
    4  and insert:
    5  combination with transfers of ownership of, or distributions
    6  from, artificial entities.
    7         Section 4. Subsection (1) of section 201.02, Florida
    8  Statutes, is amended, and subsection (11) is added to that
    9  section, to read:
   10         201.02 Tax on deeds and other instruments relating to real
   11  property or interests in real property.—
   12         (1)(a) On deeds, instruments, or writings whereby any
   13  lands, tenements, or other real property, or any interest
   14  therein, shall be granted, assigned, transferred, or otherwise
   15  conveyed to, or vested in, the purchaser or any other person by
   16  his or her direction, on each $100 of the consideration therefor
   17  the tax shall be 70 cents. When the full amount of the
   18  consideration for the execution, assignment, transfer, or
   19  conveyance is not shown in the face of such deed, instrument,
   20  document, or writing, the tax shall be at the rate of 70 cents
   21  for each $100 or fractional part thereof of the consideration
   22  therefor. For purposes of this section, consideration includes,
   23  but is not limited to, the money paid or agreed to be paid; the
   24  discharge of an obligation; and the amount of any mortgage,
   25  purchase money mortgage lien, or other encumbrance, whether or
   26  not the underlying indebtedness is assumed. If the consideration
   27  paid or given in exchange for real property or any interest
   28  therein includes property other than money, it is presumed that
   29  the consideration is equal to the fair market value of the real
   30  property or interest therein.
   31         (b)1. For purposes of this paragraph the term:
   32         a. “Conduit entity” means a legal entity to which real
   33  property is conveyed without full consideration by a grantor who
   34  owns a direct or indirect interest in the entity, or a successor
   35  entity.
   36         b. “Full consideration” means the consideration that would
   37  be paid in an arm’s length transaction between unrelated
   38  parties.
   39         2. When real property is conveyed to a conduit entity and
   40  all or a portion of the grantor’s direct or indirect ownership
   41  interest in the conduit entity is subsequently transferred for
   42  consideration within 3 years of such conveyance, tax is imposed
   43  on each such transfer of an interest in the conduit entity for
   44  consideration at the rate of 70 cents for each $100 or fraction
   45  thereof of the consideration paid or given in exchange for the
   46  ownership interest in the conduit entity.
   47         3. When the ownership interest in the conduit entity being
   48  transferred includes assets other than the real property
   49  conveyed to the conduit entity, the tax shall be prorated based
   50  on the percentage the value of such real property represents of
   51  the total value of all assets owned by the conduit entity.
   52         4. A gift of an ownership interest in a conduit entity is
   53  not subject to tax to the extent there is no consideration. The
   54  transfer of shares or similar equity interests in a conduit
   55  entity which are dealt in or traded on public, regulated
   56  security exchanges or markets is not subject to tax under this
   57  paragraph.
   58         5. The transfer for purposes of estate planning by a
   59  natural person of an interest in a conduit entity to an
   60  irrevocable grantor trust as described in subpart E of part I of
   61  subchapter J of chapter 1 of subtitle A of the United States
   62  Internal Revenue Code is not subject to tax under this
   63  paragraph.
   64  
   65  ================= T I T L E  A M E N D M E N T ================
   66         And the title is amended as follows:
   67         Delete lines 32 - 38
   68  and insert:
   69  to a conduit entity; providing for the tax to be prorated when
   70  the interest transferred includes assets other than real
   71  property; exempting the transfer of shares or similar equity
   72  interests in a conduit entity from the tax; exempting certain
   73  transfers for purposes of estate planning; providing for liberal
   74  construction; providing for payment of the tax when no document
   75  is recorded; imposing the tax on deeds, instruments,