Florida Senate - 2010                                    SB 2620
       By Senator Altman
       24-01837C-10                                          20102620__
    1                        A bill to be entitled                      
    2         An act relating to the estate tax; providing a short
    3         title; amending s. 198.03, F.S.; revising the
    4         imposition of a tax upon estates of nonresident
    5         decedents; specifying application to certain property;
    6         specifying a tax rate; specifying the amount of tax
    7         due; specifying a time of payment requirement;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. This act may be cited as the “Florida Taxpayers
   13  Protection Act.”
   14         Section 2. Section 198.03, Florida Statutes, is amended to
   15  read:
   16         198.03 Tax upon estates of nonresident decedents.—A tax is
   17  imposed upon the transfer of real property situate in this
   18  state, upon tangible personal property having an actual situs in
   19  this state, upon intangible personal property having a business
   20  situs in this state and upon stocks, bonds, debentures, notes,
   21  and other securities or obligations of corporations organized
   22  under the laws of this state, of every person who at the time of
   23  death was not a resident of this state but was a resident of the
   24  United States, upon that portion of the estate or inheritance of
   25  such nonresident decedent consisting of such property but only
   26  to the extent the state in which such person is a resident
   27  imposes a tax on the estate or inheritance of a person who is
   28  not a resident of that state on such property of that person
   29  located in that state. The rate of the tax shall be the same as
   30  the rate imposed by the state in which the natural person is a
   31  resident, and the amount of the tax due shall be the additional
   32  tax resulting from adding such property to the tax return filed
   33  in the state in which the natural person resided at death. The
   34  tax shall be paid within 12 months after the natural person’s
   35  death the amount of which shall be a sum equal to such
   36  proportion of the amount of the credit allowable under the
   37  applicable federal revenue act for estate, inheritance, legacy,
   38  and succession taxes actually paid to the several states, as the
   39  value of the property taxable in this state bears to the value
   40  of the entire gross estate wherever situate.
   41         Section 3. This act shall take effect July 1, 2010.