The Florida Senate

199.185  Property exempted from annual and nonrecurring taxes.--

(1)  The following intangible personal property shall be exempt from the annual and nonrecurring taxes imposed by this chapter:

(a)  Money.

(b)  Franchises.

(c)  Any interest as a partner in a partnership, either general or limited, other than any interest as a limited partner in a limited partnership registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended.

(d)  Notes, bonds, and other obligations issued by the State of Florida or its municipalities, counties, and other taxing districts, or by the United States Government and its agencies.

(e)  Intangible personal property held in trust pursuant to any stock bonus, pension, or profit-sharing plan or any individual retirement account which is qualified under s. 401 or s. 408 of the United States Internal Revenue Code, 26 U.S.C. ss. 401 and 408, as amended.

(f)  Intangible personal property held under a retirement plan of a Florida-based corporation exempt from federal income tax under s. 501(c)(6) of the United States Internal Revenue Code, 26 U.S.C., if the primary purpose of the corporation is to support the promotion of professional sports and the retirement plan is either a qualified plan under s. 457 of the United States Internal Revenue Code or the contributions to the plan, pursuant to a ruling by the United States Internal Revenue Service, are not taxable to plan participants until actual receipt or withdrawal by the participant.

(g)  Notes and other obligations, except bonds, to the extent that such notes and obligations are secured by mortgage, deed of trust, or other lien upon real property situated outside the state.

(h)  The assets of a corporation registered under the Investment Company Act of 1940, 15 U.S.C. s. 80a-1-52, as amended.

(i)  All intangible personal property issued in or arising out of any international banking transaction and owned by a banking organization.

(j)  Units of a unit investment trust organized under an agreement or declaration of trust and registered under the Investment Company Act of 1940, as amended, whose portfolio of assets consists solely of assets exempt under this section.

(k)  Real estate mortgage investment conduits (REMIC) that are directly or indirectly secured by or payable from notes and obligations that are in turn secured by a mortgage, deed of trust, or other lien upon real property situated in or outside of the state, including but not limited to mortgage pools, participations, and derivatives and are held as investments by banks or savings associations in compliance with regulatory agency guidelines.

(2)

(a)  With respect to the first mill of the annual tax, every natural person is entitled each year to an exemption of the first $20,000 of the value of property otherwise subject to said tax. A husband and wife filing jointly shall have an exemption of $40,000.

(b)  With respect to the last mill of the annual tax, every natural person is entitled each year to an exemption of the first $100,000 of the value of property otherwise subject to said tax. A husband and wife filing jointly shall have an exemption of $200,000.

Agents and fiduciaries, other than guardians and custodians under a gifts-to-minors act, filing as such may not claim this exemption on behalf of their principals or beneficiaries; however, if the principal or beneficiary returns the property held by the agent or fiduciary and is a natural person, the principal or beneficiary may claim the exemption. No taxpayer shall be entitled to more than one exemption under paragraph (a) and one exemption under paragraph (b). This exemption shall not apply to that intangible personal property described in s. 199.023(1)(d).

(3)  Every natural person who is a widow or widower, or who is blind, or who is totally and permanently disabled, is entitled each year to an additional exemption of $500 of property otherwise subject to the annual or nonrecurring tax. This exemption is afforded by s. 3, Art. VII of the State Constitution and is available only to the extent not used against real property or tangible personal property taxes.

(4)  Charitable trusts, 95 percent of the income of which is paid to organizations exempt from federal income tax pursuant to s. 501(c)3 of the Internal Revenue Code, shall be exempt from 1 mill of the tax imposed in s. 199.032.

(5)  Every bank and savings association, as defined in s. 220.62, is exempt from .5 mill of the tax imposed by s. 199.032.

(6)  Every liquor distributor that is domiciled in this state, that is authorized to do business under the Beverage Law, and that has paid the license taxes required by s. 565.03(2) is exempt from paying tax on accounts receivable owned by the taxpayer which are derived from, arise out of, or are issued in connection with a sale of alcoholic beverages transacted in another state with a customer in another state.

(7)  A national bank that has its principal place of business in another state, processes credit card credit applications in this state or performs customer service or collection operations in this state, and is not a bank under 12 U.S.C. s. 1941(c)(2)(F), is exempt from paying tax on credit card receivables owed to the bank by a credit card holder domiciled outside this state.

History.--s. 17, ch. 85-342; s. 41, ch. 87-224; s. 7, ch. 87-316; s. 4, ch. 90-132; s. 2, ch. 92-319; s. 4, ch. 94-353; s. 1, ch. 96-283; s. 13, ch. 96-320; s. 1, ch. 97-191.