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.
