HB 1197

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

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