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Instructions for Completing 1999 Florida

Intangible Tax Return for Corporation,

Partnership and Fiduciary Filers

Electronic Funds Transfer (EFT). If you paid more than $50,000

GENERAL INFORMATION

in intangible tax during Florida’s fiscal year (July 1, 1997 -

What is the Florida Intangible Personal Property Tax? It is an

June 30, 1998), you are required to transmit your payments

annual tax based on the market value, as of January 1, of the

electronically and timely file your return and supporting schedules

intangible personal property owned by a Florida business or by a

by mail. Be sure to mark the box on the front of the return and

non-Florida business who has a tax situs in Florida.

coupon if you file by EFT. Funds must be transmitted no later than

3:45 p.m., ET, on the working day prior to June 30. If the 30th falls

What is intangible personal property? It is defined as all

on a Saturday, Sunday, or a legal state or federal holiday, your

personal property that is not itself valuable, but is valuable

payment must be transmitted no later than 3:45 p.m., ET, on the

because of what it represents. The most common examples are:

working day prior to the holiday. For more information, call the

•

shares of stock issued by any corporation;

EFT Unit at 850-487-7972.

•

bonds issued by corporations or state, county or

municipal governments outside the State of Florida;

Exemptions. The following types of intangible property are

•

accounts receivable or other loans not secured by

exempt from taxation:

real property; and

Franchises.

•

shares or units of ownership in mutual and money

Interest in a general partnership.

market funds, and limited liability companies.

Interest in a limited partnership not registered with the

Securities and Exchange Commission.

Assets exempt from federal income tax are not necessarily

Bonds, notes, and other obligations issued by the State of

exempt from Florida’s intangible tax.

Florida, its counties, municipalities, or other taxing districts,

and the U.S. government and its agencies, territories and

Who must file a return? Corporations, partnerships, affiliated

possessions, the Commonwealth of Puerto Rico, Guam,

groups and fiduciaries must file each year on Form DR-601C.

U.S. Virgin Islands, American Samoa, and the Northern

Every corporation authorized to do business or doing business in

Marianas. These investments may be taxable when held in

Florida is required to file this return. If the calculated tax due on

a fund. (The exemption does not apply to municipal bonds

Line 7 of the return is less than $60.00, no tax payment is

issued by other states.)

required; however, the return must still be filed.

All intangible property held in an employee welfare, benefit or

Corporations, partnerships and affiliated groups must attach a

retirement plan qualified under section 401, U.S. Internal

copy of their year-end balance sheet to support the information on

Revenue Code (I.R.C.), as amended.

the return. Any major differences between the balance sheet and

All intangible property held in an Individual Retirement Account

return should be explained.

(IRA) qualified under sections 408 (IRA), 408a (Roth IRA),

and 530 (Education IRA), U.S. I.R.C., as amended.

TRUSTEES AND PERSONAL REPRESENTATIVES ARE

All intangible property held in a deferred compensation plan

REQUIRED TO FILE AN INFORMATION RETURN listing all

that is offered to governmental employees and is qualified

intangible property owned by the trust or estate, if the

under section 457, U.S. I.R.C., as amended.

beneficiaries are including the trust or estate on their personal

Intangible property owned by nonprofit religious, nonprofit

return. The information return advises the Department of

educational or nonprofit charitable institutions qualified under

Revenue: 1) that the beneficiaries have filed returns, including the

section 501(c)(3), U.S. I.R.C., as amended.

intangible property on their personal returns; and 2) under what

Companies registered under the Investment Company Act of

number the returns have been filed.

1940, U.S.C., s. 80, a. 1052, are exempt from the intangible

tax on the intangible property they own. This exemption

Corporations that have elected to pay the tax as agent for their

does not include the shares or units issued by such funds.

shareholders must file this return regardless of tax liability.

(see item 12).

If a bank or savings association acts as a fiduciary or agent of a

10. Notes and other obligations, except bonds, to the extent secured

trust other than as a trustee, intangible personal property of the

by lien on real property located inside or outside the state.

trust does not have taxable situs in Florida solely by virtue of the

11. Money - this includes cash on hand and in the bank,

management and control of the bank or savings association.

certificates of deposits, annuities and similar instruments.

12. Units of a registered investment company which is

Confidentiality of your return. Intangible tax returns are not public

organized under an indenture of trust (unit investment trust

records under Florida law. All information contained in them is

or Massachusetts-type business trust) shall have that

confidential. Disclosure of any information to other than authorized

portion of its net asset value exempt from tax which equals

tax authorities of federal or state governments is a misdemeanor.

the portion of its portfolio of assets containing U.S.

government debt obligations. If the fund is incorporated,

When is tax due? Intangible tax may be paid as early as January

the entire fund is taxable.

1, and is late after June 30. Your return, payment and supporting

13. Intangible property owned by a banking organization which

schedules must be postmarked no later than June 30. If the 30th

arose out of, or was issued in connection with, an

falls on a Saturday, Sunday, or a legal state or federal holiday,

international banking transaction.

your return must be postmarked on the first working day following

14. Every liquor distributor domiciled in this state, authorized to

the 30th. Discounts may be claimed for early payment (see

do business under the Beverage Law, and who has paid the

Discounts on page 7 of the instructions). If you file after June 30,

license taxes required by s. 565.03(2), Florida Statutes (F.S.),

you must add penalty and interest to your payment (see Penalties

is exempt from paying tax on accounts receivable owned by

and Interest on page 7 of the instructions). Extensions may be

the taxpayer that are derived from, arise out of, or are issued

requested (see Extension of Time for Filing Returns on page 11 of

in connection with a sale of alcoholic beverages transacted in

the instructions).

another state with a customer in another state.

Form Dr-601c - Intangible Tax Return For Corporation, Partnership And Fiduciary Filers - 1999 Page 5

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