FLORIDA AXES INTANGIBLES TAX
Several years after they began chipping away at the state Intangibles
Tax, Florida lawmakers this week voted overwhelmingly to repeal
it.
The tax affects investors holding bonds issued by states and political
subdivisions outside of Florida. Legislators began reducing it in
earnest in 1999. By Jan. 2006, the rate was dropped from $1.00 to
$.50 per thousand of market value.
The state House of Representatives approved the measure in March,
while the state Senate passed the bill by a 30-9 vote earlier this
week.
The tax affected individuals with more than $370,000 in intangible
personal property and married couples with more than $620,000.
Gov. Jeb Bush considered repeal of the tax one of his main priorities
for this legislative session. On numerous occasions, he called it
"a penalty for people who are taking responsibility for their
own retirement by saving and investing over a lifetime."
The bill is now awaiting Bush's signature.
04/27/06
| 
