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 |
| 1 | |
| 2 | An act relating to the excise tax on documents; amending |
| 3 | s. 201.02, F.S.; excluding certain unpaid indebtedness |
| 4 | from the taxable consideration for short sales of real |
| 5 | property; defining the term "short sale"; providing an |
| 6 | effective date. |
| 7 | |
| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 | |
| 10 | Section 1. Subsection (11) is added to section 201.02, |
| 11 | Florida Statutes, to read: |
| 12 | 201.02 Tax on deeds and other instruments relating to real |
| 13 | property or interests in real property.- |
| 14 | (11) The taxable consideration for a short sale transfer |
| 15 | does not include unpaid indebtedness that is forgiven or |
| 16 | released by a mortgagee holding a mortgage on the grantor's |
| 17 | interest in the property. For purposes of this subsection, the |
| 18 | term "short sale" means a purchase and sale of real property in |
| 19 | which all of the following apply: |
| 20 | (a) The grantor's interest is encumbered by a mortgage or |
| 21 | mortgages securing indebtedness in an aggregate amount greater |
| 22 | than the purchase price paid by the grantee. |
| 23 | (b) A mortgagee releases the real property from its |
| 24 | mortgage in exchange for a partial payment of less than the |
| 25 | total of the outstanding mortgage indebtedness owed to the |
| 26 | releasing mortgagee. |
| 27 | (c) The releasing mortgagee does not receive, directly or |
| 28 | indirectly, any interest in the property transferred. |
| 29 | (d) The releasing mortgagee is not controlled by or |
| 30 | related to the grantor or the grantee. |
| 31 | Section 2. This act shall take effect July 1, 2010. |
| CODING: Words |
