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<br />Intangible Personal Property Taxes ("intangible. taxes") — Chapter 199, Florida Statutes levies an annual
<br />tax of 1 mill on all stocks or shares of incorporated or unincorporated companies, business trusts and mutual
<br />funds; all beneficial interest of residents in trusts; and all notes, bonds and other obligations for the payment of
<br />money (except obligations secured by a lien on real property located in the state). In addition, a nonrecurring tax
<br />of 2 mills is levied on obligations secured by a lien on real property located in the state at the time of recording.
<br />Certain intangible property is exempt from intangible taxes including government owned property,
<br />franchises, partnership interests, bonds of Florida governmental units or the U. S. Government and its agencies,
<br />property held by employee benefit plans and charitable institutions and obligations secured by a lien on real
<br />property situated outside the state upon which a tax has already been paid. In addition, individual taxpayers
<br />receive an exemption for the first $20,000 of intangible property.
<br />Intangible tax collections have been as shown below for fiscal years ended June 30:
<br />1977.
<br />Stocks, Bonds, Loans and
<br />Accounts Receivable
<br />(Annual) $68,452,616
<br />Mortgages (Nonrecurring) 24,722,517
<br />Total $93,175,133
<br />1976 1975 1974
<br />$58,226,569 $53,425,385(1) $62,511,677
<br />1973
<br />$58,515,826(2)
<br />20,326,127 18,985,447 31,710,251 32,219,620
<br />$78,552,696 $72,410,832 $94,221,928 $90,735,446
<br />(1) Reflects a decrease of approximately $10 million following exemption of the first $20,000 of individually owned
<br />intangible property, effective January 1, 1975.
<br />(2) Reflects an increase of approximately $9 million as the result of bank loans becoming taxable effective January 1, 1973.
<br />The Florida Department of Revenue, which collects the intangible tax, does not at present have a record of
<br />the amounts of the 1 mill annual tax collected on each of the various categories. However, the Department of
<br />Revenue estimates that the 1975-76 tax collections were derived approximately as follows (an estimate for
<br />1976-77 is not yet available):
<br />Bank Loans 16%
<br />Non -Bank Loans and Accounts Receivable 16
<br />Stocks 56
<br />Bonds 12
<br />100%
<br />Various administrative costs of the Department of Revenue ($2,997,266 in' 1976-77) are paid from the
<br />intangible taxes and the balance is transferred on the basis of 55% to the revenue sharing trust fund for counties
<br />and 45% to the state general revenue fund.
<br />Cigarette Taxes — Pursuant to Chapter 210, Florida Statutes a state tax is levied at varying rates depending
<br />upon length of cigarettes and number of cigarettes in a package. The tax for a package of 20 cigarettes no longer
<br />than 4 inches is 21 cents. After deducting a service charge, 1/21 of the total is required to be deposited in the
<br />county revenue sharing trust fund. Prior to July 1, 1977 the tax for a standard package of cigarettes had been 17
<br />cents and the amount deposited to the trust fund was 1/17 of the net collections.
<br />Road Tax — Chapter 323, Florida Statutes levies a state road tax on motor carriers operating for
<br />compensation at rates based upon size and other factors. The road tax is disposed of as follows: (1) 35% for use
<br />by the Florida Public Service Commission for administration, (2) 2% to the revenue sharing trust fund for
<br />municipalities and (3) the remainder (63%) to the revenue sharing trust fund for counties.
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