Date Issued: 12/30/98
Intangible Tax Law Changes for 1999
The 1998 Legislature made several changes regarding intangible personal property tax assessed on January 1, 1999 (due by June 30, 1999). Those changes are:
- Individual and Joint Filers: If your tax due is less than $60 before discount, you do not have to pay the tax and you do not have to file a return. If you received a preprinted return and your tax due is less than
$60, we recommend that you telefile (1-800-550-6713) to avoid future contact for this tax year.
- Corporation, Partnership and Fiduciary Filers: If your tax due is less than $60 before discount, no tax payment is required; however, the return must still be filed.
- One-third of business accounts receivable arising or acquired in the ordinary course of trade or business are exempt.
- Penalties have been reduced:
- The penalty for late filing has been reduced to 10% per month, or portion of a month, not to exceed a maximum of 50% of the tax due.
the penalty for delinquent payment of the intangible tax remains at 10% per month, or portion of a month, not to exceed a maximum of 50% of the tax due.
- The total maximum combined penalty for late filing and delinquent payment of tax cannot exceed 50% of the tax due.
- The penalties for undervalued or omitted property have been reduced to 10% of the tax attributed to the omission or undervaluation.
- The IRA exemption now includes Roth IRAs and Educational IRAs.
- Non-transferable options granted under an Employee Stock Incentive Plan are exempt.
- All Real Estate Mortgage Investment Conduits (REMICs) are now exempt.
- Credit card receivables owned by Florida banks are taxable only if the debt is owed by a Florida resident.
- Bank trust departments are required to file a bank master return for their trust accounts using machine sensible media.
For More Information
Chapters 98-132 and 98-342, Laws of Florida