TIP # 01C02-02
Scheduled to be effective July 1, 2003, applicable to the 2004 filing season, every individual filing an intangible tax return will be entitled each year to an exemption of the first $250,000 of the value of property subject to the annual tax. A husband and wife filing jointly will be entitled to an exemption of $500,000.
Also, every taxpayer that is not a natural person (corporations, partnerships, etc.) will be entitled to an exemption of the first $250,000 of the value of property otherwise subject to the tax.
No. A person filing on behalf of another person, other than guardians and custodians under a gifts-to-minors act, cannot claim this exemption.
Reference: Chapter 2001-371, Laws of Florida
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our Internet site at www.myflorida.com/dor. Or call Tax Information Services, 8:00 a.m., to 7:00 p.m., ET, Monday through Friday, excluding holidays, at 800-352-3671 (Florida only), or 850-488-6800.
Hearing- or speech-impaired persons should call our TDD at 800-367-8331 or 850-922-1115.
For a detailed written response to your questions, write the Florida Department of Revenue, Tax Information Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.
To receive a fax copy of a form, call 850-922-3676 from your fax machine telephone.