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Florida Intangible Personal Property Tax Is Repealed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.

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