November 15, 2019
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The Florida Statutes

The 2003 Florida Statutes

Title XIV
TAXATION AND FINANCE
Chapter 199
INTANGIBLE PERSONAL PROPERTY TAXES
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Section 199.023, Florida Statutes 2003

199.023  Definitions.--As used in this chapter:

(1)  "Intangible personal property" means all personal property which is not in itself intrinsically valuable, but which derives its chief value from that which it represents, including, but not limited to, the following:

(a)  All stocks or shares of incorporated or unincorporated companies, business trusts, and mutual funds.

(b)  All notes, bonds, and other obligations for the payment of money.

(c)  All condominium and cooperative apartment leases of recreation facilities, land leases, and leases of other commonly used facilities.

(d)  Except for any leasehold or other possessory interest described in s. 4(a), Art. VII of the State Constitution or s. 196.199(7), all leasehold or other possessory interests in real property owned by the United States, the state, any political subdivision of the state, any municipality of the state, or any agency, authority, and other public body corporate of the state, which are undeveloped or predominantly used for residential or commercial purposes and upon which rental payments are due.

(2)  "Money" includes, without limitation, United States legal tender, certificates of deposit, cashier's and certified checks, bills of exchange, drafts, the cash equivalent of annuities and life insurance policies, and similar instruments, which are held by a taxpayer, or deposited with or held by a banking organization or any other person.

(3)  "Person" means any individual, firm, partnership, joint adventure, syndicate, or other group or combination acting as a unit, association, corporation, estate, trust, business trust, trustee, personal representative, receiver, or other fiduciary and includes the plural as well as the singular.

(4)  "Taxpayer" means any person liable for taxes imposed under this chapter and the heirs, successors, assignees, and transferees of any such person.

(5)  "Department" means the Department of Revenue.

(6)  "In the state" means within the exterior limits of Florida.

(7)  A resident has a "beneficial interest" in a trust if the resident has a vested interest, even if subject to divestment, which includes at least a current right to income and either a power to revoke the trust or a general power of appointment, as defined in 26 U.S.C. s. 2041(b)(1).

(8)  "Affiliated group" means one or more chains of corporations or limited liability companies connected through stock ownership or membership interest in a limited liability company with a common parent corporation or limited liability company, for which:

(a)  Stock or membership interest in a limited liability company possessing at least 80 percent of the voting power of all classes of stock or membership interest in a limited liability company and at least 80 percent of each class of the nonvoting stock or membership interest in a limited liability company of each corporation or limited liability company, except for the common parent corporation or limited liability company, is owned directly by one or more of the other corporations or limited liability companies; and

(b)  The common parent corporation or limited liability company directly owns stock or membership interest in a limited liability company possessing at least 80 percent of the voting power of all classes of stock or membership interest in a limited liability company and at least 80 percent of each class of the nonvoting stock or membership interest in a limited liability company of at least one of the other corporations or limited liability companies.

As used in this subsection, the terms "nonvoting stock" and "membership interest in a limited liability company" do not include nonvoting stock or membership interest in a limited liability company which is limited and preferred as to dividends. For purposes of this chapter, a common parent may be a corporation or a limited liability company.

(9)  "Banking organization" means:

(a)  A bank organized and existing under the laws of this state;

(b)  A national bank organized and existing pursuant to the provisions of the National Bank Act, 12 U.S.C. ss. 21 et seq., and maintaining its principal office in this state;

(c)  An Edge Act corporation organized pursuant to the provisions of s. 25(a) of the Federal Reserve Act, 12 U.S.C. ss. 611 et seq., and maintaining an office in this state;

(d)  An international bank agency licensed pursuant to the laws of this state;

(e)  A federal agency licensed pursuant to ss. 4 and 5 of the International Banking Act of 1978 to maintain an office in this state;

(f)  A savings association organized and existing under the laws of this state;

(g)  A federal association organized and existing pursuant to the provisions of the Home Owners' Loan Act of 1933, 12 U.S.C. ss. 1461 et seq., and maintaining its principal office in this state; or

(h)  A Florida export finance corporation organized and existing pursuant to the provisions of part V of chapter 288.

(10)  "International banking facility" means a set of asset and liability accounts segregated on the books and records of a banking organization that includes only international banking facility deposits, borrowings, and extensions of credit as those terms are defined pursuant to s. 655.071(2).

(11)  "International banking transaction" means:

(a)  The financing of the exportation from, or the importation into, the United States or between jurisdictions abroad of tangible personal property or services;

(b)  The financing of the production, preparation, storage, or transportation of tangible personal property or services which are identifiable as being directly and solely for export from, or import into, the United States or between jurisdictions abroad;

(c)  The financing of contracts, projects, or activities to be performed substantially abroad, except those transactions secured by a mortgage, deed of trust, or other lien upon real property located in the state;

(d)  The receipt of deposits or borrowings or the extensions of credit by an international banking facility, except the loan or deposit of funds secured by mortgage, deed of trust, or other lien upon real property located in the state; or

(e)  Entering into foreign exchange trading or hedging transactions in connection with the activities described in paragraph (d).

(12)  "Abroad" means in one or more foreign nations; in the colonies, dependencies, possessions, or territories of a foreign nation or of the United States; or in the Commonwealth of Puerto Rico.

(13)  "Ministerial function" means an act the performance of which does not involve the use of discretion or judgment.

(14)  "Processing activity" means an activity undertaken to administer or service intangible personal property in accordance with such terms, guidelines, criteria, or directions as are provided solely by the owner of the property. Methods, systems, or techniques chosen by the processor to implement such terms, guidelines, criteria, or directions are not considered the exercise of management or control.

History.--s. 1, ch. 71-134; s. 1, ch. 74-237; s. 1, ch. 76-130; s. 4, ch. 76-222; s. 2, ch. 80-136; s. 3, ch. 80-368; s. 1, ch. 81-179; s. 1, ch. 82-83; s. 1, ch. 85-342; s. 23, ch. 88-201; s. 1, ch. 98-132; s. 73, ch. 99-2; s. 1, ch. 99-242; s. 1, ch. 2000-173.

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