Florida Senate - 2021                             CS for SB 1584
       
       
        
       By the Committee on Community Affairs; and Senator Gruters
       
       
       
       
       
       578-03612-21                                          20211584c1
    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         terms “affiliated group of corporations” and “real
    5         property platform”; providing a methodology to be used
    6         in determining documentary stamp taxes due for certain
    7         transactions by real property platforms or affiliated
    8         groups of corporations involving residential property
    9         which meet specified criteria; providing an effective
   10         date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (12) is added to section 201.02,
   15  Florida Statutes, to read:
   16         201.02 Tax on deeds and other instruments relating to real
   17  property or interests in real property.—
   18         (12)(a) For purposes of this subsection, the term
   19  “affiliated group of corporations” has the same meaning as in s.
   20  220.03(1)(b), regardless of whether such group elects to file a
   21  consolidated return pursuant to s. 220.131.
   22         (b) For purposes of this subsection, the term “real
   23  property platform” means a corporation whose shares are publicly
   24  traded on a recognized stock exchange located in the United
   25  States and that operates an Internet website or Internet
   26  application that:
   27         1. Disseminates residential property information to
   28  consumers through the website or application; and
   29         2. Facilitates real property transactions to enable
   30  consumers to purchase and sell residential property.
   31         (c) For the conveyance of or vesting of interest in a
   32  residential property that was previously conveyed to, or an
   33  interest in which was vested in, a real property platform or an
   34  affiliated group of corporations of the real property platform,
   35  to or in an unrelated subsequent purchaser in an arm’s length
   36  transaction, the consideration for the tax imposed by this
   37  section shall be limited to the difference between the
   38  consideration paid by the real property platform or an
   39  affiliated group of corporations of the real property platform
   40  for such residential property and the consideration paid to the
   41  real property platform or an affiliated group of corporations of
   42  the real property platform by the subsequent purchaser for the
   43  property, if the real property platform or an affiliated group
   44  of corporations of the real property platform does all of the
   45  following:
   46         1. Conveys or vests an interest in the residential property
   47  classified as single family or condominium pursuant to s.
   48  195.073(1)(a)1. or 4. which is a single dwelling unit.
   49         2. Conveys or vests an interest in the residential property
   50  to the unrelated subsequent purchaser within 180 calendar days
   51  immediately following the date on which such property was
   52  conveyed to, or interest in such property was vested in, the
   53  real property platform or an affiliated group of corporations of
   54  the real property platform.
   55         3. Does not use the residential property as a home,
   56  residence, or sleeping place or as a dwelling unit as defined in
   57  s. 83.43(2) while it owns the real property, other than to allow
   58  a short-term seller holdover arrangement incidental to the sale
   59  of the residential property.
   60         4. Receives consideration for conveyance of, or for vesting
   61  of interest in, the residential property from the unrelated
   62  subsequent purchaser in an amount no greater than 110 percent of
   63  the amount of the consideration paid by the real property
   64  platform or an affiliated group of corporations of the real
   65  property platform for the residential property.
   66         Section 2. This act shall take effect July 1, 2021.