News Details (Posted: August 16, 2006):

'Vampire' tax slowly fading out

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The new year launches the latest installment in the slow death of the state's intangibles tax and heralds its likely final demise. Today, among the dozen laws effective Jan. 1, the Florida tax on stocks and bonds holdings is cut in half. It means a cut this year of about $124 million for about 186,000 filers. Floridians with $1 million in stock holdings, for example, will pay $375, down from $750 on the same holdings last year. The beginning of 2006 also means the end of run-off elections, less-frequent rabies vaccinations for pets and a total ban on lobbyists' gifts to lawmakers -- among the handful of laws officially in force on Jan. 1. Three times before, beginning in 1998, the intangibles tax has been reduced or exemptions increased. Gov. Jeb Bush and legislative leaders have said they'll kill it off completely in the coming regular session of the Legislature, which begins in March.