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On July 27,
2006, Florida Governor Jeb Bush signed legislation repealing the Florida
Intangible Personal Property Tax. The effective date of the repeal is
January 1, 2007.
The Florida Intangible Personal Property Tax is an annual tax based on
the January 1 fair market value of intangible personal property. In
general, intangible personal property includes
stocks, bonds, mutual funds, money market funds, loans, notes, and certain
accounts receivable. The intangible personal property tax is
imposed on Florida residents and corporations, partnerships,
fiduciaries, limited liability companies, affiliated groups and personal representatives that have a
Florida taxable situs.
The current intangible tax rate is $0.50 per one thousand dollars
of taxable intangible personal property. A Florida
resident can exempt $250,000 (or $500,000 for a married couple) of
taxable intangible personal property from the tax. |
