Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TALLAHASSEE, Fla. – Florida Gov. Jeb Bush is pushing forth a proposal that will end the taxes that investors and companies pay on stocks, bonds and mutual funds. Under the state’s current law, investors and businesses with $310,000 or more in investments must pay the so-called intangible tax. Married joint filers with $560,000 or more must also pay. It is estimated that the tax will bring in nearly $305 million in revenue for Florida this year. An estimated 98,648 individuals, 162,644 joint filers and 53,550 businesses this year will pay the intangibles tax, according to the state’s revenue department. The intangibles tax is based on a Florida resident’s investment portfolio on Jan. 1 of each year. The portfolio’s value is often calculated based on what their investments were worth on the last day of the previous year. The minimum tax amount paid is $60. Gov. Bush said he wants to phase out the intangibles tax because it penalizes small businesses and middle-class residents who have worked hard to save money. His proposal calls for the tax to be phased out by 2007.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.