Florida Repeals Annual Intangible Personal Property Tax
SALT Tax Alert, August 1, 2006
Legislation signed by Governor Bush on
July 27, 2006 , repeals the annual Florida intangible personal property tax effective January 1, 2007 . The 2006 annual intangible tax return, which is based on assets held as of January 1, 2006 , is the last return required for Florida taxpayers.
Taxpayers that have engaged in tax planning to minimize their Florida intangibles tax liability should reevaluate such planning. For example, individual taxpayers that previously established short-term irrevocable trusts to minimize or eliminate their Florida intangibles tax will no longer need to transfer assets to trusts at the end of the year.
The nonrecurring intangibles tax imposed at the rate of 0.2 percent on obligations secured by Florida real property has not been repealed.
Disclaimer: The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC is not rendering legal, tax, accounting, or other professional advice or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use.
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