Senate Bill sb0044Cer

    ENROLLED

    2001 Legislature                                       SB 44-C



  1

  2         An act relating to the tax on intangible

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

  4         the increase in exemptions under the tax on

  5         intangible property; authorizing the Department

  6         of Revenue to adopt emergency rules; providing

  7         an effective date.

  8

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

10

11         Section 1.  Effective January 1, 2002, subsection (2)

12  of section 199.185, Florida Statutes, is amended to read:

13         199.185  Property exempted from annual and nonrecurring

14  taxes.--

15         (2)  Every natural person is entitled each year to an

16  exemption of the first $20,000 $250,000 of the value of

17  property otherwise subject to the annual tax.  A husband and

18  wife filing jointly shall have an exemption of $40,000

19  $500,000. Every taxpayer that is not a natural person is

20  entitled each year to an exemption of the first $250,000 of

21  the value of property otherwise subject to the tax. Agents and

22  fiduciaries, other than guardians and custodians under a

23  gifts-to-minors act, filing as such may not claim this

24  exemption on behalf of their principals or beneficiaries;

25  however, if the principal or beneficiary returns the property

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

27  principal or beneficiary may claim the exemption.  No taxpayer

28  shall be entitled to more than one exemption under this

29  subsection.  This exemption shall not apply to that intangible

30  personal property described in s. 199.023(1)(d).

31


                                  1

CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    2001 Legislature                                       SB 44-C



  1         Section 2.  Effective July 1, 2003, subsection (2) of

  2  section 199.185, Florida Statutes, as amended by this act, is

  3  amended to read:

  4         199.185  Property exempted from annual and nonrecurring

  5  taxes.--

  6         (2)  Every natural person is entitled each year to an

  7  exemption of the first $250,000 $20,000 of the value of

  8  property otherwise subject to the annual tax.  A husband and

  9  wife filing jointly shall have an exemption of $500,000

10  $40,000. Every taxpayer that is not a natural person is

11  entitled each year to an exemption of the first $250,000 of

12  the value of property otherwise subject to the tax. Agents and

13  fiduciaries, other than guardians and custodians under a

14  gifts-to-minors act, filing as such may not claim this

15  exemption on behalf of their principals or beneficiaries;

16  however, if the principal or beneficiary returns the property

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

18  principal or beneficiary may claim the exemption.  No taxpayer

19  shall be entitled to more than one exemption under this

20  subsection.  This exemption shall not apply to that intangible

21  personal property described in s. 199.023(1)(d).

22         Section 3.  The Executive Director of the Department of

23  Revenue is authorized, and all conditions are deemed met, to

24  adopt emergency rules under sections 120.536(1) and 120.54(4),

25  Florida Statutes, to implement this act. Notwithstanding any

26  other provision of law, such emergency rules shall remain

27  effective for 6 months after the date of adoption and may be

28  renewed during the pendency of procedures to adopt rules

29  addressing the subject of the emergency rules.

30         Section 4.  This act shall take effect upon becoming a

31  law.


                                  2

CODING: Words stricken are deletions; words underlined are additions.