All drafts or bills of exchange drawn upon and, on or after July 1, 1977, accepted by a bank having an office in Florida, which arise out of transactions involving the importation or exportation of goods or the storage of goods abroad, or drawn by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions, if at the date of the acceptance of any of the foregoing the drawer of the draft or bill of exchange or the persons for whose benefit the financing is conducted are individuals residing outside the United States or business organizations or other persons located outside the United States. Any person described in subsection (1) who is required to register and remit tax imposed by this chapter shall file a report with the department not later than the 20th day of each month certifying the amount of tax payable for the preceding month, and a remittance shall be submitted with the report to cover the amount of tax payable for the preceding month. 4 and 5 of the International Banking Act of 1978; A savings association organized and existing under the laws of any state; A federal association organized and existing pursuant to the provisions of the Home Owners’ Loan Act of 1933, 12 U.S.C. Distributions to the State Housing Trust Fund pursuant to paragraphs (4)(c) and (d) must be sufficient to cover amounts required to be transferred to the Florida Affordable Housing Guarantee Program’s annual debt service reserve and guarantee fund pursuant to s. 420.5092(6)(a) and (b) up to the amount required to be transferred to such reserve and fund based on the percentage distribution of documentary stamp tax revenues to the State Housing Trust Fund which is in effect in the 2004-2005 fiscal year. The clerk or filing officer shall not accept for filing or filing and recording any financing statement under chapter 679, unless there appears thereon a notation that the taxes required by this chapter have been paid on the promissory instruments secured by said financing statement and will be paid on any additional promissory instruments, advances, or similar instrument that may be secured by said financing statement. 2007-60; ss. With respect to mortgages or trust deeds which do not incorporate the certificate of indebtedness, a notation shall be made on the note or certificate that the tax has been paid on the mortgage or trust deed. The remainder shall be used as follows: Half of that amount shall be used for the purposes for which the State Housing Trust Fund was created and exists by law. Documentary stamp tax is levied on documents as provided under Chapter 201, Florida Statutes. For purposes of this section, consideration includes, but is not limited to, the money paid or agreed to be paid; the discharge of an obligation; and the amount of any mortgage, purchase money mortgage lien, or other encumbrance, whether or not the underlying indebtedness is assumed. If any document, instrument, or paper upon which the tax under this chapter is imposed, upon audit or at time of recordation, does not show the proper amount of tax paid, or if the tax imposed by this chapter on any document, instrument, or paper is not timely reported and paid as required by s. 201.133, the person or persons liable for the tax upon the document, instrument, or paper shall be subject to: A specific penalty added to the tax in the amount of 10 percent of any unpaid tax if the failure is for not more than 30 days, with an additional 10 percent of any unpaid tax for each additional 30 days, or fraction thereof, during the time which the failure continues, not to exceed a total penalty of 50 percent, in the aggregate, of any unpaid tax. Taxability of a document pursuant to this section shall be determined solely from the face of the document and any separate document expressly incorporated into the document. 96-395. s. 5309 and specified in s. 341.051, in the amount of 10 percent of the funds; The Small County Outreach Program specified in s. 339.2818, in the amount of 10 percent of the funds; The Strategic Intermodal System specified in ss. 91-224; s. 7, ch. Obligations of municipalities, political subdivisions, and agencies of the state. 15787, 1931; CGL 1936 Supp. 2009-17; s. 14, ch. 82-83; s. 1, ch. Twelve and ninety-three hundredths percent of the remainder in each fiscal year shall be paid into the State Treasury to the credit of the State Housing Trust Fund. Any person who fails to timely report and pay any tax as required under this subsection shall be subject to penalties and interest imposed by this chapter. 90-132; s. 9, ch. 87-6; s. 39, ch. Private individuals, for the most part, do not enjoy such exemptions. Each county that levies the surtax shall: Include in the financial report required under s. 218.32 information showing the revenues and the expenses of the trust fund for the fiscal year. 63-533; s. 1, ch. Welcome to the Florida Revenue Law Library. Of such funds, $75 million for each fiscal year shall be transferred to the General Revenue Fund. 69-106; s. 104, ch. On promissory notes, nonnegotiable notes, written obligations to pay money, or assignments of salaries, wages, or other compensation made, executed, delivered, sold, transferred, or assigned in the state, and for each renewal of the same, the tax shall be 35 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. ss. In recognition of the special escrow requirements that apply to sales of timeshare interests in timeshare plans pursuant to s. 721.08, tax on notes or other written obligations and mortgages or other evidences of indebtedness executed in conjunction with the sale by a developer of a timeshare interest in a timeshare plan is due and payable on the earlier of the date on which: The note, other written obligation, mortgage, or other evidence of indebtedness is recorded or filed in this state; or. The department may adopt rules to administer the method for reporting tax due under this subsection. The department shall issue certificates of registration to qualified applicants who are required to register under this section. After the required distributions to the Land Acquisition Trust Fund pursuant to subsections (1) and (2) and deduction of the service charge imposed pursuant to s. 215.20(1), the remainder shall be distributed as follows: The lesser of 24.18442 percent of the remainder or $541.75 million in each fiscal year shall be paid into the State Treasury to the credit of the State Transportation Trust Fund. 2002-218, substitutes the word “shall” for the word “may.”. 79-350; s. 86, ch. 83-267; s. 8, ch. On deeds, instruments, or writings whereby any lands, tenements, or other real property, or any interest therein, shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or any other person by his or her direction, on each $100 of the consideration therefor the tax shall be 70 cents. This subsection is intended to clarify existing law and shall be applied retroactively. 2009-131. The tax on any document described in this paragraph, On mortgages, trust deeds, security agreements, or other evidences of indebtedness filed or recorded in this state, and for each renewal of the same, the tax shall be 35 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. Payment of interest to the Department of Revenue, accruing from the date the tax is due until paid, at the rate of 1 percent per month, based on the amount of tax not paid. 96-395. 85-80; s. 13, ch. 2000-170; ss. Persons described in subsection (1) shall keep a journal, or other account book or record of original entry, showing a listing of all documents executed and delivered. s. 3, ch. The releasing mortgagee is not controlled by or related to the grantor or the grantee. Florida imposes a documentary stamp tax on deeds and other documents that transfer an interest in Florida real property. There shall be exempt from all taxes imposed by this chapter: Any obligation to pay money issued by a municipality, political subdivision, or agency of the state. Liens.For the first category (notes and other written obligations to pay), Florida law caps the total documentary stamp tax at $2,450.00. 87-6; ss. 92-317, Laws of Florida. The Department of Revenue may enter upon the premises of any taxpayer, and examine or cause to be examined by any agent or representative designated by it for that purpose, any books, papers, records, or memoranda bearing upon the amount of taxes payable, and secure other information directly or indirectly concerned in the enforcement of this chapter. 1279(119). 15787, 1931; CGL 1936 Supp. 15787, 1931; CGL 1936 Supp. 90-132; s. 7, ch. This paragraph applies to transfers or conveyances from one spouse to another, from one spouse to both spouses, or from both spouses to one spouse. Florida Sales Tax Statute. Mortgages, including, but not limited to, mortgages executed without the state and recorded in the state, which incorporate the certificate of indebtedness, not otherwise shown in separate instruments, are subject to the same tax at the same rate. 81-33; s. 7, ch. 79-400; s. 1, ch. An annual return and payment when the tax remitted for the preceding four calendar quarters did not exceed $100. Whoever knowingly or willfully prepares, buys, sells, offers for sale, or has in his, her, or its possession any counterfeit stamps. Have adopted an affordable housing element of its comprehensive land use plan which complies with s. 163.3177(6)(f). s. 1, ch. 2009-131. 2009-131; s. 1, ch. The first $60 million of the funds allocated pursuant to this subparagraph shall be allocated annually to the Florida Rail Enterprise for the purposes established in s. 341.303(5). 2002-218; s. 5, ch. Florida Corporate Income Tax: Corporations that do business and earn income in Florida must file a corporate income tax return (unless they are exempt). The provisions of this paragraph are to be construed liberally to effectuate this purpose. The tax imposed by subsection (2) shall be paid by the purchaser, and the document recorded in the office of the clerk of the circuit court as evidence of ownership. The provisions of this section shall not be construed so as to impair the obligation of any contract entered into prior to July 1, 1977. 2005-92; s. 26, ch. 89-252; and s. 1, ch. 2017-233. Joint Administrative Procedures Committee (JAPC), Joint Committee on Public Counsel Oversight(JCPO), Joint Legislative Auditing Committee (JLAC), Joint Legislative Budget Commission (JLBC), Joint Select Committee on Collective Bargaining (JSCB), Office of Program Policy Analysis & Government Accountability (OPPAGA), Florida Legislative Committee on Intergovernmental Relations (LCIR), Joint Legislative Committee on Everglades Oversight (JCEO), Joint Legislative Sunset Committee (JCSC), Copyright © 1995-2021 The Florida Legislature •. 98-264; s. 913, ch. The amendment by s. 9, ch. Department of Revenue to furnish stamps for tax for specified period. There shall be levied, collected, and paid the taxes specified in this chapter, for and in respect to the several documents, bonds, debentures or certificates of stock and indebtedness, and other documents, instruments, matters, writings, and things described in the following sections, or for or in respect of the vellum, parchment, paper, or any other medium whether tangible, electronic, or otherwise, upon which such document, instrument, matter, writing, or thing, or any of them, is written, printed, or created electronically or otherwise, by any person who makes, signs, executes, issues, sells, removes, consigns, assigns, records, or ships the same, or for whose benefit or use the same are made, signed, executed, issued, sold, removed, consigned, assigned, recorded, or shipped in the state. Documents in the Revenue Law Library are organized in categories. Taxes imposed by this section shall not apply to any assignment, transfer, or other disposition, or any document, which arises out of a transfer of real property from a nonprofit organization to the Board of Trustees of the Internal Improvement Trust Fund, to any state agency, to any water management district, or to any local government. The county comptroller or, if there be none, the clerk of the circuit court of each county may collect the tax imposed by this chapter without affixing stamps to the document to be recorded under the following conditions: A notation shall be placed on the document to be recorded showing the amount of tax paid and the county where payment is being made, and the notation shall be signed by, initialed, or otherwise stamped with the name or initials of the county comptroller or clerk of the circuit court, or designated agent thereof. Except for bonds issued to refund previously issued bonds, no series of bonds may be issued pursuant to this paragraph unless such bonds are approved and the debt service for the remainder of the fiscal year in which the bonds are issued is specifically appropriated in the General Appropriations Act or other law with respect to bonds issued for the purposes of s. 373.4598. 2009-241. The amount used for such purposes may not exceed $300 million in each fiscal year. Mortgages; and 5. For a tax imposed by any section of this chapter, a credit against the specific tax imposed by that section is allowed in an amount equal to a like tax lawfully imposed and paid on the same document or instrument in another state, territory of the United States, or the District of Columbia. Taxes imposed by this subsection shall be paid pursuant to s. 201.133 when no document is recorded. 4, 5, ch. 74-325; s. 1, ch. For the purpose of this paragraph, the term “homestead property” has the same meaning as the term “homestead” as defined in s. 192.001. Florida Sales Tax: Florida sales tax rate is 6%. Any assignment, transfer, or other disposition, or any document, which arises out of a rental, lease, or lease-purchase for real property agreement entered pursuant to s. 1013.15(2) or (4). 71-136; s. 4, ch. 96-395; s. 2, ch. The taxable consideration for a short sale transfer does not include unpaid indebtedness that is forgiven or released by a mortgagee holding a mortgage on the grantor’s interest in the property. 21, 35, ch. 1, 2, ch. 95-147. Whoever makes, signs, issues, or accepts, or causes to be made, signed, issued, or accepted, any instrument, document, or paper of any kind or description whatsoever, without the full amount of the tax herein imposed thereon being fully paid, or whoever makes use of any adhesive stamp to denote any tax imposed by this chapter without canceling or obliterating such stamps as herein provided, is guilty of a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083. 97-123; s. 1, ch. All taxes collected under this chapter are hereby pledged and shall be first made available to make payments when due on bonds issued pursuant to s. 215.618 or s. 215.619, or any other bonds authorized to be issued on a parity basis with such bonds. 43, 44, ch. 61-278; s. 1, ch. (a) The grantor’s interest is encumbered by a mortgage or mortgages securing indebtedness in an aggregate amount greater than the purchase price paid by the grantee. Florida Revenue Law Library. 2009-21; s. 1, ch. s. 34, ch. 85-347; s. 35, ch. 1279(112), 7473(5); ss. If tax has been paid to the department pursuant to subparagraph (a)2., and the note, other written obligation, mortgage, or other evidence of indebtedness with respect to which the tax was paid is subsequently recorded or filed in this state, a notation reflecting the prior payment of the tax must be made upon the note, other written obligation, mortgage, or other evidence of indebtedness recorded or filed in this state. 2016-220; s. 1, ch. 3, 4, ch. 95-147; s. 10, ch. Are Florida documentary stamp taxes imposed by Ch. Joint Administrative Procedures Committee (JAPC), Joint Committee on Public Counsel Oversight(JCPO), Joint Legislative Auditing Committee (JLAC), Joint Legislative Budget Commission (JLBC), Joint Select Committee on Collective Bargaining (JSCB), Office of Program Policy Analysis & Government Accountability (OPPAGA), Florida Legislative Committee on Intergovernmental Relations (LCIR), Joint Legislative Committee on Everglades Oversight (JCEO), Joint Legislative Sunset Committee (JCSC), Copyright © 1995-2021 The Florida Legislature •. 92-317; s. 1, ch. However, each such county and each eligible jurisdiction within such county may participate in programs funded pursuant to s. 201.15(4)(d). There shall be exempt from all excise taxes imposed by this chapter: All promissory notes, nonnegotiable notes, and other written obligations to pay money bearing date on or after July 1, 1977, if the makers thereof or the obligors thereunder, at the time of the making or execution thereof, are individuals residing outside the United States or business organizations or other persons located outside the United States. 71-344; s. 2, ch. Unless exempt under s. s. 1, ch. Entering into foreign exchange trading or hedging transactions in connection with the activities described in sub-subparagraph d. s. 1, ch. A mortgage, trust deed, or security agreement filed or recorded in this state which is given by a taxpayer different than or in addition to the taxpayer obligated upon the primary note, certificate of indebtedness, or obligation, or which is given to secure a guaranty or surety of a primary note, certificate of indebtedness, or obligation, shall for purposes of this section be deemed to evidence and secure the primary note, certificate of indebtedness, or obligation, not a separate obligation, and to the extent that tax is paid on any document evidencing or securing the primary note, certificate of indebtedness, or obligation, such tax shall be paid once, notwithstanding that more than one mortgage, trust deed, or security agreement is recorded with respect to such note, certificate of indebtedness, or obligation. 83-311; s. 11, ch. Certificates of deposit issued by banks exempt. Reference: Section … 2006-175; s. 2, ch. 86-152; s. 34, ch. As amended by s. 1, ch. 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