Florida Senate - 2018                              CS for SB 730
       By the Committee on Community Affairs; and Senator Perry
       578-02146-18                                           2018730c1
    1                        A bill to be entitled                      
    2         An act relating to housing finance authorities;
    3         amending s. 159.621, F.S.; exempting from taxation
    4         certain notes and mortgages that are part of a loan
    5         made by or on behalf of a housing financing authority;
    6         providing requirements for exemption; providing an
    7         exception to the exemptions granted by this section;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 159.621, Florida Statutes, is amended to
   13  read:
   14         159.621 Housing bonds exempted from taxation; notes and
   15  mortgages exempt from taxation.—
   16         (1) The bonds of a housing finance authority issued under
   17  this act, together with all notes, mortgages, security
   18  agreements, letters of credit, or other instruments which arise
   19  out of or are given to secure the repayment of bonds issued in
   20  connection with the financing of any housing development under
   21  this part, as well as the interest thereon and income therefrom,
   22  shall be exempt from all taxes.
   23         (2)Any note or mortgage given in connection with a loan
   24  made by or on behalf of a housing finance authority under s.
   25  159.608(8) is exempt from excise taxes on documents under
   26  chapter 201 if, at the time the note or mortgage is recorded,
   27  the housing finance authority submits documentation that affirms
   28  that the loan was made by or on behalf of the housing finance
   29  authority.
   31  The exemptions exemption granted by this section do not apply
   32  shall not be applicable to any tax imposed by chapter 220 on
   33  interest, income, or profits on debt obligations owned by
   34  corporations or to a deed for property financed by a housing
   35  finance authority.
   36         Section 2. This act shall take effect July 1, 2018.