Skip to Search
Skip to Main Content
Main Content

 

News & Publications

 

Godfrey & Kahn Updates

 

Press Room

Florida Intangible Personal Property Tax Is Repealed

August 04, 2006

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, mutual funds, bonds and notes receivable and the intangible personal property tax is imposed on Florida residents and corporations, partnerships, fiduciaries, affiliated groups and personal representatives that have a Florida taxable situs.

The current intangible tax rate is fifty cents per one thousand dollars of taxable intangible personal property (in other words, $500 per one million 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.

The Intangible Personal Property Tax is often referred to as a voluntary tax because it is easily avoided by creating an irrevocable trust to hold the Florida resident's taxable intangible personal property. These trusts are commonly referred to as FLINTs and FLITES (i.e., Florida intangible tax trusts and Florida intangible tax exempt trusts) and are sanctioned by the Florida Department of Revenue. With the repeal of the Florida Intangible Personal Property Tax, these trusts will no longer be needed.

Media Contact 

If you have a media request or need an attorney with particular knowledge for comment, please contact Susan Steberl, Director of Marketing, at 414.287.9556 or ssteberl@gklaw.com.

Subscribe.

Subscribe today to receive firm newsletters and blogs, client updates, seminar announcements, and more according to your preferences and areas of interest.

Recent News

Please wait while we gather your results.

Recent Updates

Please wait while we gather your results.

Recent Editions

Please wait while we gather your results.

Disclaimer and Legal Notices

Copyright © 2016 Godfrey & Kahn, S.C.

Attorneys at Law - All rights reserved.

 

Client Login

 

top