Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 1584
       
       
       
       
       
       
                                Ì782478UÎ782478                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/01/2021           .                                
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       The Committee on Community Affairs (Gruters) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 16 - 46
    4  and insert:
    5         (12)(a) For purposes of this subsection, the term
    6  “affiliated group of corporations” has the same meaning as in s.
    7  220.03(1)(b), regardless of whether such group elects to file a
    8  consolidated return pursuant to s. 220.131.
    9         (b) For purposes of this subsection, the term “real
   10  property platform” means a corporation whose shares are publicly
   11  traded on a recognized stock exchange located in the United
   12  States and that operates an Internet website or Internet
   13  application that:
   14         1. Disseminates residential property information to
   15  consumers through the website or application; and
   16         2. Facilitates real property transactions to enable
   17  consumers to purchase and sell residential property.
   18         (c) For the conveyance of or vesting of interest in a
   19  residential property that was previously conveyed to, or an
   20  interest in which was vested in, a real property platform or an
   21  affiliated group of corporations of the real property platform,
   22  to or in an unrelated subsequent purchaser in an arm’s length
   23  transaction, the consideration for the tax imposed by this
   24  section shall be limited to the difference between the
   25  consideration paid by the real property platform or an
   26  affiliated group of corporations of the real property platform
   27  for such residential property and the consideration paid to the
   28  real property platform or an affiliated group of corporations of
   29  the real property platform by the subsequent purchaser for the
   30  property, if the real property platform or an affiliated group
   31  of corporations of the real property platform does all of the
   32  following:
   33         1. Conveys or vests an interest in the residential property
   34  classified as single family or condominium pursuant to s.
   35  195.073(1)(a)1. or 4. which is a single dwelling unit.
   36         2. Conveys or vests an interest in the residential property
   37  to the unrelated subsequent purchaser within 180 calendar days
   38  immediately following the date on which such property was
   39  conveyed to, or interest in such property was vested in, the
   40  real property platform or an affiliated group of corporations of
   41  the real property platform.
   42         3. Does not use the residential property as a home,
   43  residence, or sleeping place or as a dwelling unit as defined in
   44  s. 83.43(2) while it owns the real property, other than to allow
   45  a short-term seller holdover arrangement incidental to the sale
   46  of the residential property.
   47         4. Receives consideration for conveyance of, or for vesting
   48  of interest in, the residential property from the unrelated
   49  subsequent purchaser in an amount no greater than 110 percent of
   50  the amount of the consideration paid by the real property
   51  platform or an affiliated group of corporations of the real
   52  property platform for the residential property.
   53  
   54  ================= T I T L E  A M E N D M E N T ================
   55  And the title is amended as follows:
   56         Delete lines 4 - 7
   57  and insert:
   58         terms “affiliated group of corporations” and “real
   59         property platform”; providing a methodology to be used
   60         in determining documentary stamp taxes due for certain
   61         transactions by real property platforms or affiliated
   62         groups of corporations involving residential property
   63         which meet specified criteria;