Florida Senate - 2021                                    SB 1584
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-00837B-21                                          20211584__
    1                        A bill to be entitled                      
    2         An act relating to taxation of real property platform
    3         transactions; amending s. 201.02, F.S.; defining the
    4         term “real property platform”; providing a methodology
    5         to be used in determining documentary stamp taxes due
    6         if a real property platform purchases and sells
    7         residential property within a specified timeframe;
    8         providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (12) is added to section 201.02,
   13  Florida Statutes, to read:
   14         201.02 Tax on deeds and other instruments relating to real
   15  property or interests in real property.—
   16         (12)(a) For purposes of this subsection, the term “real
   17  property platform” means a company that operates an Internet
   18  website or application that does all of the following:
   19         1. Disseminates residential property information to
   20  consumers through the platform.
   21         2. Facilitates real property transactions by enabling
   22  consumers to purchase, sell, or rent residential property.
   23         3. Purchases and assumes title itself, or through an
   24  affiliate, to residential property without taking residence of
   25  the property, with the intent to sell the property to a third
   26  party.
   27         (b) If a real property platform purchases residential
   28  property and sells the residential property within 180 calendar
   29  days immediately following the date of purchase of the property,
   30  through itself or an affiliate, documentary stamp taxes:
   31         1. Shall be assessed on the difference between the recorded
   32  price the real property platform paid to purchase the property
   33  and the recorded sales price paid by the subsequent purchaser,
   34  if such difference is greater than the original purchase price
   35  of the property but does not exceed 10 percent of the original
   36  purchase price.
   37         2. Shall be assessed on the recorded sales price paid by
   38  the subsequent purchaser, if the difference between the recorded
   39  price the real property platform paid to purchase the property
   40  and the recorded sales price paid by the subsequent purchaser is
   41  greater than the original purchase price and exceeds 10 percent
   42  of the original purchase price.
   43         3. May not be assessed on the sale of the property if the
   44  recorded sales price paid by the subsequent purchaser is equal
   45  to or less than the recorded price paid by the real property
   46  platform to purchase the property.
   47         Section 2. This act shall take effect July 1, 2021.