1998 Florida Code
TITLE XIV TAXATION AND FINANCE
Chapter 199 Intangible Personal Property Taxes  
PART I GENERAL PROVISIONS (ss. 199.012-199.106)
199.052   Annual tax returns; payment of annual tax.

199.052  Annual tax returns; payment of annual tax.--

(1)  An annual intangible tax return must be filed with the department by every corporation authorized to do business in this state or doing business in this state and by every person, regardless of domicile, who on January 1 owns, controls, or manages intangible personal property which has a taxable situs in this state. For purposes of this chapter, "control" or "manage" does not include any ministerial function or any processing activity. The return shall be due on June 30 of each year. It shall list separately the character, description, and just valuation of all such property.

1(2)  No person shall be required to pay the annual tax in any year when the aggregate annual tax upon the person's intangible personal property, after exemptions, would be less than $60. In such case, an annual return is not required unless the taxpayer is a corporation, a banking organization claiming the exemption provided in s. 199.185(1)(i), or an agent or fiduciary of whom the department requires an informational return. Agents and fiduciaries shall report for each person for whom they hold intangible personal property if the aggregate annual tax on such person is $60 or more.

(3)  A corporation having no intangible tax liability, and required to file an annual report pursuant to s. 607.1622, is not required to file the annual intangible tax return required by this section.

(4)  A husband and wife may file a joint return with regard to all intangible personal property held jointly or individually by them. They shall then be jointly liable for the payment of the annual tax.

(5)  The trustee of a Florida-situs trust is primarily responsible for returning the trust's intangible personal property and paying the annual tax on it.

(a)  A trust has a Florida situs when:

1.  All trustees are residents of the state;

2.  There are three or more trustees sharing equally in the ownership, management, or control of the trust's intangible property, and the majority of the trustees are residents of this state; or

3.  Trustees consist of both residents and nonresidents and management or control of the trust is with a resident trustee.

(b)  When trustees consist of both residents and nonresidents and management or control is with a nonresident trustee, the trust does not have Florida situs and no return is necessary by any resident trustee.

(c)  A portion of the trust has Florida situs when there are two trustees, one a resident of this state and one a nonresident, and they share equally in the ownership, management, or control of the trust's intangible property. The tax on such property shall be based on the value apportioned between them.

(d)  If there is more than one trustee in the state, only one tax return for the trust must be filed.

(e)  The trust's beneficiaries, however, may individually return their equitable shares of the trust's intangible personal property and pay the tax on such shares, in which case the trustee need not return such property or pay such tax, although the department may require the trustee to file an informational return.

(6)  Each Florida resident with a beneficial interest, as defined in s. 199.023(7), in a foreign-situs trust, that is, a trust with situs outside of this state, is primarily responsible for returning the resident's equitable share of the trust's intangible personal property and paying the annual tax on it. The trustee of a foreign trust may return and pay the tax on the equitable shares of all Florida residents having beneficial interests, in which case the residents need not return such property or pay such tax.

(7)  The personal representative or curator of a Florida estate is primarily responsible for returning the estate's intangible personal property and paying the annual tax on it. The heirs or devisees, however, may individually return their equitable shares of the estate's intangible personal property and pay the tax on such shares, in which case the personal representative or curator need not return such property or pay such tax, although the department may require the personal representative or curator to file an informational return.

(8)  The guardian of the property of a Florida incompetent shall return the incompetent's intangible personal property and pay the annual tax on it. The custodian of a Florida minor under a gifts to minors or similar act shall return the minor's intangible personal property which is subject to the custodianship and pay the annual tax on it.

(9)  Where an agent has control or management of intangible personal property, the principal is primarily responsible for returning such property and paying the annual tax on it, but the agent shall return such property on behalf of the principal and pay the annual tax on it if the principal fails to do so. The department may in any case require the agent to file an informational return.

(10)  An affiliated group of corporations may elect to make a consolidated return for any year. The election shall be made by timely filing a consolidated return. Once made, an election may not be revoked, and it is binding for the tax year. The mere making of a consolidated return shall not in itself provide a business situs in this state for intangible personal property held by a corporation. The fact that members of an affiliated group own stock in corporations which do not qualify under the stock ownership requirements as members of an affiliated group shall not preclude the filing of a consolidated return on behalf of the qualified members. Where a consolidated return is made, intercompany accounts, including the capital stock of an includable corporation, other than the parent, owned by another includable corporation, shall not be subject to annual taxation. However, capital stock and other intercompany accounts of a nonqualified member of the affiliated group shall be subject to annual tax. Each consolidated return shall be accompanied by documentation identifying all intercompany accounts and containing such other information as the department shall require. Failure to timely file a consolidated return shall not prejudice the taxpayer's right to file a consolidated return, provided that the failure to file a consolidated return is limited to 1 year and the taxpayer's intent to file a consolidated return is evidenced by the taxpayer having filed a consolidated return for the 3 years prior to the year the return was not timely filed.

2(11)  The return filed by each banking organization shall set out the character, description, and just valuation by category of all intangible personal property which is issued in or arises out of international banking transactions and which is owned by the banking organization.

(12)  Securities held in margin accounts by a security broker not acting as a fiduciary shall be returned, and the annual tax on such securities shall be paid, by the customer owning them. The security broker shall not be required to return or pay the tax on such securities.

(13)  Except as otherwise provided in this section, the owner of intangible personal property is liable for the payment of annual tax on it, and any other person required to return such property is liable for the tax if the owner fails to pay it.

(14)  The annual intangible tax return shall include language permitting a voluntary contribution of $5 per taxpayer, which contribution shall be transferred into the 3Election Campaign Financing Trust Fund. A statement providing an explanation of the purpose of the trust fund shall also be included.

(15)  If a bank or savings association, as defined in s. 220.62, acts as a fiduciary or agent of a trust other than as a trustee, intangible personal property of the trust shall not have taxable situs in this state pursuant to s. 199.175 solely by virtue of the management or control of the bank or savings association.

(16)  All banks and financial organizations filing annual intangible tax returns for their customers shall file return information for taxes due January 1, 1999, and thereafter using machine-sensible media. The information required by this subsection must be reported by banks or financial organizations on machine-sensible media, using specifications and instructions of the department. A bank or financial organization that demonstrates to the satisfaction of the department that a hardship exists is not required to file intangible tax returns for its customers using machine-sensible media. The department shall adopt rules necessary to administer this subsection.

History.--s. 1, ch. 71-134; s. 2, ch. 72-277; s. 2, ch. 74-237; s. 1, ch. 76-32; s. 3, ch. 76-261; s. 1, ch. 77-174; s. 1, ch. 79-350; s. 3, ch. 80-136; s. 1, ch. 81-22; s. 3, ch. 81-178; s. 2, ch. 81-179; ss. 3, 5, ch. 82-83; s. 1, ch. 82-227; s. 5, ch. 83-267; s. 4, ch. 83-311; s. 4, ch. 85-342; s. 7, ch. 89-356; s. 26, ch. 91-107; s. 9, ch. 91-112; s. 2, ch. 93-86; s. 3, ch. 96-283; ss. 2, 3, ch. 98-132; ss. 3, 25, ch. 98-342.

1Note.--Section 3, ch. 98-132, amended subsection (2), effective July 1, 2000, to read:

(2)  No person shall be required to pay the annual tax in any year when the aggregate annual tax upon the person's intangible personal property, after exemptions, would be less than $60. In such case, an annual return is not required unless the taxpayer is a corporation or an agent or fiduciary of whom the department requires an informational return. Agents and fiduciaries shall report for each person for whom they hold intangible personal property if the aggregate annual tax on such person is $60 or more.

2Note.--Repealed effective July 1, 2000, by s. 3, ch. 98-132.

3Note.--The trust fund expired, effective November 4, 1996, by operation of s. 19(f), Art. III of the State Constitution.