October 24, 2020
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Bill Text: HB 0469
HB 0469 2004
1 A bill to be entitled
2          An act relating to the documentary stamp tax on promissory
3    or nonnegotiable notes and written obligations to pay
4    money; amending s. 201.08, F.S.; exempting from the tax
5    notes or other written obligations to pay money executed
6    by agriculture producers in this state to the Commodity
7    Credit Corporation and security instruments for such notes
8    and obligations; providing an effective date.
10          Be It Enacted by the Legislature of the State of Florida:
12          Section 1. Subsection (3) of section 201.08, Florida
13    Statutes, is amended to read:
14          201.08 Tax on promissory or nonnegotiable notes, written
15    obligations to pay money, or assignments of wages or other
16    compensation; exception.--
17          (3) No tax shall be required on:
18          (a)Promissory notes executed for students to receive
19    financial aid from federal or state educational assistance
20    programs, from loans guaranteed by the Federal Government or the
21    state when federal regulations prohibit the assessment of such
22    taxes against the borrower, or for any financial aid program
23    administered by a state university or community college, and the
24    holders of such promissory notes shall not lose any rights
25    incident to the payment of such tax.
26          (b) Notes or other written obligations to pay money
27    executed by agriculture producers in this state to the Commodity
28    Credit Corporation, an agency and instrumentality of the Federal
29    Government within the Department of Agriculture created under 15
30    U.S.C. s. 714, and mortgages, liens, or other security
31    instruments that arise from or are given as security for such
32    notes or other written obligations.
33          Section 2. This act shall take effect upon becoming a law.
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