CODING: Words stricken are deletions; words underlined are additions.
SENATE AMENDMENT
Bill No. CS for SB 318
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Horne moved the following amendment:
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13 Senate Amendment (with title amendment)
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16 insert:
17 Section 1. Subsection (8) of section 199.023, Florida
18 Statutes, 1998 Supplement, is amended to read:
19 199.023 Definitions.--As used in this chapter:
20 (8) "Affiliated group of corporations" means one or
21 more chains of corporations or limited liability companies
22 connected through stock ownership or membership interest in a
23 limited liability company with a common parent corporation or
24 limited liability company, for which providing that:
25 (a) Stock or membership interest in a limited
26 liability company possessing at least 80 percent of the voting
27 power of all classes of stock or membership interest in a
28 limited liability company and at least 80 percent of each
29 class of the nonvoting stock or membership interest in a
30 limited liability company of each corporation or limited
31 liability company, except for the common parent corporation or
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SENATE AMENDMENT
Bill No. CS for SB 318
Amendment No.
1 limited liability company, is owned directly by one or more of
2 the other corporations; and
3 (b) The common parent corporation or limited liability
4 company directly owns stock or membership interest in a
5 limited liability company possessing at least 80 percent of
6 the voting power of all classes of stock or membership
7 interest in a limited liability company and at least 80
8 percent of each class of the nonvoting stock or membership
9 interest in a limited liability company of at least one of the
10 other corporations or limited liability companies.
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12 As used in this subsection, the terms term "nonvoting stock"
13 and "membership interest in a limited liability company" do
14 does not include nonvoting stock or membership interest in a
15 limited liability company which is limited and preferred as to
16 dividends. For purposes of this chapter, a common parent may
17 be a corporation or a limited liability company.
18 Section 2. Subsection (10) of section 199.052, Florida
19 Statutes, 1998 Supplement, is amended to read:
20 199.052 Annual tax returns; payment of annual tax.--
21 (10) An affiliated group of corporations may elect to
22 make a consolidated return for any year. The election shall
23 be made by timely filing a consolidated return. Once made, an
24 election may not be revoked, and it is binding for the tax
25 year. The mere making of a consolidated return shall not in
26 itself provide a business situs in this state for intangible
27 personal property held by a corporation. The fact that
28 members of an affiliated group own stock in corporations or
29 membership interest in limited liability companies which do
30 not qualify under the stock ownership or membership interest
31 in a limited liability company requirements as members of an
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SENATE AMENDMENT
Bill No. CS for SB 318
Amendment No.
1 affiliated group shall not preclude the filing of a
2 consolidated return on behalf of the qualified members. Where
3 a consolidated return is made, intercompany accounts,
4 including the capital stock or membership interest in a
5 limited liability company of an includable corporation or
6 limited liability company, other than the parent, owned by
7 another includable corporation or limited liability company,
8 shall not be subject to annual taxation. However, capital
9 stock, or membership interest in a limited liability company,
10 and other intercompany accounts of a nonqualified member of
11 the affiliated group shall be subject to annual tax. Each
12 consolidated return shall be accompanied by documentation
13 identifying all intercompany accounts and containing such
14 other information as the department shall require. Failure to
15 timely file a consolidated return shall not prejudice the
16 taxpayer's right to file a consolidated return, provided that
17 the failure to file a consolidated return is limited to 1 year
18 and the taxpayer's intent to file a consolidated return is
19 evidenced by the taxpayer having filed a consolidated return
20 for the 3 years prior to the year the return was not timely
21 filed.
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23 (Redesignate subsequent sections.)
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26 ================ T I T L E A M E N D M E N T ===============
27 And the title is amended as follows:
28 On page 1, line 2, after the semicolon,
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30 insert:
31 amending s. 199.023, F.S.; changing the term
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SENATE AMENDMENT
Bill No. CS for SB 318
Amendment No.
1 "affiliated group of corporations" to the term
2 "affiliated group" and including limited
3 liability companies within its meaning;
4 amending s. 199.052, F.S.; providing that
5 limited liability companies may elect to file a
6 consolidated intangibles tax return;
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