Florida Senate - 2021                                    SB 1334
       
       
        
       By Senator Boyd
       
       
       
       
       
       21-01681-21                                           20211334__
    1                        A bill to be entitled                      
    2         An act relating to the excise tax on documents;
    3         amending s. 201.08, F.S.; providing that modifications
    4         of original documents for certain purposes are not
    5         renewals and are not subject to document excise taxes;
    6         providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (5) 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         (5) For purposes of this section, a renewal shall only
   16  include modifications of an original document which change the
   17  terms of the indebtedness evidenced by the original document by
   18  adding one or more obligors, increasing the principal balance,
   19  or changing the interest rate, maturity date, or payment terms.
   20  Modifications to documents which do not modify the terms of the
   21  indebtedness evidenced such as those given or recorded to
   22  correct error; modify covenants, conditions, or terms unrelated
   23  to the debt; sever a lien into separate liens; provide for
   24  additional, substitute, or further security for the
   25  indebtedness; consolidate indebtedness or collateral; add,
   26  change, or delete guarantors; or which substitute a new
   27  mortgagee or payee are not renewals and are not subject to tax
   28  pursuant to this section. A modification of an original document
   29  for the purpose of changing the interest rate due to the
   30  discontinuation of an index to which the original interest rate
   31  is referenced is not a renewal and is not subject to tax
   32  pursuant to this section. If the taxable amount of a mortgage is
   33  limited by language contained in the mortgage or by the
   34  application of rules limiting the tax base when there is
   35  collateral in more than one state, then a modification which
   36  changes such limitation or tax base shall be taxable only to the
   37  extent of any increase in the limitation or tax base
   38  attributable to such modification. This subsection shall not be
   39  interpreted to exempt from taxation an original mortgage that
   40  would otherwise be subject to tax pursuant to paragraph (1)(b).
   41         Section 2. This act shall take effect July 1, 2021.