Senate Bill sb0038B

    Florida Senate - 2005                                  SB 38-B

    By Senator Atwater





    25-852-06                                          See HB 21-B

  1                      A bill to be entitled

  2         An act relating to the excise tax on promissory

  3         notes; amending s. 201.08, F.S.; exempting from

  4         the tax promissory notes executed in

  5         conjunction with issuance of disaster loans

  6         under certain federal disaster loan programs;

  7         providing an effective date.

  8  

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

10  

11         Section 1.  Subsection (3) of section 201.08, Florida

12  Statutes, is amended to read:

13         201.08  Tax on promissory or nonnegotiable notes,

14  written obligations to pay money, or assignments of wages or

15  other compensation; exception.--

16         (3)  No tax shall be required on promissory notes

17  executed:

18         (a)  For students to receive financial aid from federal

19  or state educational assistance programs, from loans

20  guaranteed by the Federal Government or the state when federal

21  regulations prohibit the assessment of such taxes against the

22  borrower, or for any financial aid program administered by a

23  state university or community college, and the holders of such

24  promissory notes shall not lose any rights incident to the

25  payment of such tax; or

26         (b)  In conjunction with the issuance of a disaster

27  loan under any disaster loan program of the United States

28  Small Business Administration.

29         Section 2.  This act shall take effect upon becoming a

30  law.

31  

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