HB 1197

1	A bill to be entitled
2	An act relating to the estate tax; providing a short
3	title; amending s. 198.03, Florida Statutes; revising the
4	imposition of a tax upon estates of nonresident decedents;
5	specifying application to certain property; specifying a
6	tax rate; specifying the amount of tax due; specifying a
7	time of payment requirement; providing an effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1.  This act may be cited as the "Florida Taxpayers
12	Protection Act."
13	Section 2.  Section 198.03, Florida Statutes, is amended to
14	read:
15	198.03  Tax upon estates of nonresident decedents.-A tax is
16	imposed upon the transfer of real property situate in this
17	state, upon tangible personal property having an actual situs in
18	this state, upon intangible personal property having a business
19	situs in this state and upon stocks, bonds, debentures, notes,
20	and other securities or obligations of corporations organized
21	under the laws of this state, of every person who at the time of
22	death was not a resident of this state but was a resident of the
23	United States, upon that portion of the estate or inheritance of
24	such person consisting of such property but only to the extent
25	the state in which such person is a resident imposes a tax on
26	the estate or inheritance of a person who is not a resident of
27	that state on such property of that person located in that
28	state. The rate of the tax shall be the same as the rate imposed
29	by the state in which the natural person is a resident, and the
30	amount of the tax due shall be the additional tax resulting from
31	adding such property to the tax return filed in the state in
32	which the natural person resided at death. The tax shall be paid
33	within 12 months after the natural person's death the amount of
34	which shall be a sum equal to such proportion of the amount of
35	the credit allowable under the applicable federal revenue act
36	for estate, inheritance, legacy, and succession taxes actually
37	paid to the several states, as the value of the property taxable
38	in this state bears to the value of the entire gross estate
39	wherever situate.
40	Section 3.  This act shall take effect July 1, 2010.

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