DATE ISSUED: January 2, 2007
Effective January 1, 2007, Chapter Law 2006-312, L.O F., repeals the annual tax on intangible personal property such as stocks, bonds, mutual funds, money market funds, and unsecured notes. Under this law, taxpayers owning these types of property will not be required to file an intangible personal property tax return for 2007 or subsequent years. This includes anyone filing an individual/joint return (DR 601I) or corporate return (DR 601C) in past years.
The repeal did not include:
This law change provides that it is the intent of the Legislature that all annual intangible personal property tax imposed in 2006 and in prior years remains in full force and effect until the statute of limitations has expired. It also requires the Department of Revenue (DOR) to continue to assess and collect all taxes due under the periods available for assessment within the statute of limitations. Revenues derived from the annual tax will be deposited into the General Revenue Fund.
Effective January 1, 2007, DOR is no longer permitted to enter into contracts for the purpose of identifying intangible personal property tax liability.
Effective January 1, 2009, DOR is no longer permitted to file a claim against the estate of a decedent for intangible personal property tax remaining due.
References: Chapter Law: 2006-312 , L.O F. (HB 209)
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 website at www.myflorida.com/dor or call Taxpayer Services at 800-352-3671, Monday through Friday (excluding holidays).
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, MS 3-2000, 5050 West Tennessee Street, Tallahassee, FL 32399-0112.