Bill Text: FL H0109 | 2010 | Regular Session | Comm Sub

Bill Title: Excise Tax on Documents [SPSC]

Spectrum: Bipartisan Bill

Status: (Passed) 2010-05-07 - Approved by Governor; Chapter No. 2010-32; companion bill(s) passed, see CS/HB 7157 (Ch. 2010-138) [H0109 Detail]

Download: Florida-2010-H0109-Comm_Sub.html
CS/HB 109
A bill to be entitled
2An act relating to the excise tax on documents; amending
3s. 201.02, F.S.; excluding certain unpaid indebtedness
4from the taxable consideration for short sales of real
5property; defining the term "short sale"; providing an
6effective date.
8Be It Enacted by the Legislature of the State of Florida:
10 Section 1. Subsection (11) is added to section 201.02,
11Florida Statutes, to read:
12 201.02 Tax on deeds and other instruments relating to real
13property or interests in real property.-
14 (11) The taxable consideration for a short sale transfer
15does not include unpaid indebtedness that is forgiven or
16released by a mortgagee holding a mortgage on the grantor's
17interest in the property. For purposes of this subsection, the
18term "short sale" means a purchase and sale of real property in
19which all of the following apply:
20 (a) The grantor's interest is encumbered by a mortgage or
21mortgages securing indebtedness in an aggregate amount greater
22than the purchase price paid by the grantee.
23 (b) A mortgagee releases the real property from its
24mortgage in exchange for a partial payment of less than the
25total of the outstanding mortgage indebtedness owed to the
26releasing mortgagee.
27 (c) The releasing mortgagee does not receive, directly or
28indirectly, any interest in the property transferred.
29 (d) The releasing mortgagee is not controlled by or
30related to the grantor or the grantee.
31 Section 2. This act shall take effect July 1, 2010.
CODING: Words stricken are deletions; words underlined are additions.