Florida Intangibles Tax Planning
We formerly assisted clients with Florida intangibles tax planning using
partnerships and/or intangibles trusts, as appropriate. The
recurring (annual) Florida intangibles tax has been repealed for all
years after 2006.
This repeal does not affect the non-recurring (one-time) intangibles
tax paid on the recording of real estate mortgages.
If we prepared an intangibles trust or performed other intangibles
tax planning for you, you should have received a memorandum from us on
this topic. If you did not do so, please contact our office and we
will mail this memorandum to you.
Due to state budget shortfalls, legislation was filed in both the Florida House and the Florida Senate to reinstate
the recurring intangibles tax at a rate of two mills per dollar (0.2%)
effective January 1, 2011, but did not pass.
While the tax was not re-enacted (this time), we urge clients to consider keeping their existing intangibles tax planning intact if there is no inconvenience in doing so.