Florida investors holding out-of-state bonds will receive a New Year’s gift from the Florida Legislature next year.
Beginning in 2006, Florida’s Intangible Personal Property Tax rate will be reduced from $1.00 to $.50 per $1,000 of market value.
The exemptions for assets held outside IRA and 401(k) accounts will increase from $250,000 for individuals and $500,000 for joint filers to $310,000 and $560,000 respectively.
By raising the exemption levels, it is estimated that 40,000 taxpayers will no longer be saddled with the intangibles tax.
Gov. Jeb Bush, who recently signed into law the changes to the tax, is pushing to eliminate the tax entirely in 2007.
