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Senate Bill 0520
    Florida Senate - 1998                                   SB 520

    By Senator Ostalkiewicz





    12-487-98

  1                      A bill to be entitled

  2         An act relating to taxation of intangible

  3         personal property; amending s. 199.185, F.S.;

  4         creating exemptions for taxpayers who are not

  5         natural persons; providing an effective date.

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  7  Be It Enacted by the Legislature of the State of Florida:

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  9         Section 1.  Subsection (2) of section 199.185, Florida

10  Statutes, is amended to read:

11         199.185  Property exempted from annual and nonrecurring

12  taxes.--

13         (2)(a)  With respect to the first mill of the annual

14  tax, every natural person is entitled each year to an

15  exemption of the first $20,000 of the value of property

16  otherwise subject to the said tax and every taxpayer that is

17  not a natural person is entitled each year to an exemption of

18  the first $40,000 of the value of property otherwise subject

19  to the tax.  A husband and wife filing jointly are entitled to

20  shall have an exemption of $40,000.

21         (b)  With respect to the last mill of the annual tax,

22  every natural person is entitled each year to an exemption of

23  the first $100,000 of the value of property otherwise subject

24  to the said tax and every taxpayer that is not a natural

25  person is entitled each year to an exemption of the first

26  $200,000 of the value of property otherwise subject to the

27  tax. A husband and wife filing jointly are entitled to shall

28  have an exemption of $200,000.

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30  Agents and fiduciaries, other than guardians and custodians

31  under a gifts-to-minors act, filing as such may not claim this

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    Florida Senate - 1998                                   SB 520
    12-487-98




  1  exemption on behalf of their principals or beneficiaries;

  2  however, if the principal or beneficiary returns the property

  3  held by the agent or fiduciary and is a natural person, the

  4  principal or beneficiary may claim the exemption.  No taxpayer

  5  shall be entitled to more than one exemption under paragraph

  6  (a) and one exemption under paragraph (b).  This exemption

  7  shall not apply to that intangible personal property described

  8  in s. 199.023(1)(d).

  9         Section 2.  This act shall take effect January 1, 1999.

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12                          SENATE SUMMARY

13    Creates exemptions from the annual intangible personal
      property tax for taxpayers that are not natural persons
14    equal in amount to the exemptions granted to a husband
      and wife filing a joint tax return.
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