12901696, 12B-4.013 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 12901696

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Miscellaneous Tax

Chapter:

DOCUMENTARY STAMP TAX

Overview

RULE:

12B-4.013	Conveyances Subject to Tax
12B-4.014	Conveyances Not Subject to Tax
12B-4.054	Exempt Transactions

PURPOSE:

The Supreme Court of the United States concluded that 11 U.S.C. Section 1146(a) affords a stamp-tax exemption only to transfers made pursuant to a Chapter 11 bankruptcy plan that has been confirmed under 11 U.S.C. Section 1129 (Florida Department of Revenue v. Piccadilly Cafeterias, Inc., 554 U.S. 33 (2008)).
The purpose of the proposed amendments to Rule Chapter 12B-4, F.A.C. (Documentary Stamp Tax), is to clarify the application of documentary stamp tax to the issuance, transfer, or exchange of a security, or the making or delivery of an instrument of transfer pursuant to Section 1146(a) under a bankruptcy plan confirmed under 11 U.S.C. Section 1129.

SUMMARY:

The proposed amendments to Rule 12B-4.013, F.A.C. (Conveyances Subject to Tax), and Rule 12B-4.014, F.A.C. (Conveyances Not Subject to Tax), clarify that a document that transfers Florida real property pursuant to a bankruptcy plan under 11 U.S.C. Section 1129 after the bankruptcy plan has been confirmed is not subject to documentary stamp tax and that transfers prior to confirmation of the plan are subject to tax.
The proposed amendments to Rule 12B-4.054, F.A.C. (Exempt Transactions), clarify that a promissory note or other written obligation to pay money, bond, mortgage, trust deed, security agreement, or other evidence of indebtedness filed or recorded in Florida issued pursuant to a bankruptcy plan under 11 U.S.C. Section 1129 after the plan has been confirmed is not subject to documentary stamp tax.

RULEMAKING AUTHORITY:

201.11, 213.06(1) FS.

LAW:

201.01, 201.02, 201.08, 201.09, 201.10, 201.11, 201.21, 201.22, 201.23, 201.24, 517.32 FS.

PRINT PUBLISH DATE:

4/22/2013 Vol. 39/78

COMMENTS:

From 4/22/2013 To 5/13/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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