This levy applies to particular property held by Florida residents and companies, akin to notes, bonds, accounts receivable, and a few partnership pursuits. For instance, a enterprise may owe this tax on the excellent steadiness of invoices it has issued however not but collected. The tax doesn’t apply to tangible private property like autos or tools, nor does it apply to actual property.
Traditionally, this tax served as a major income supply for state and native governments, supporting important public companies. Whereas its significance has diminished over time because of modifications within the financial panorama and tax legal guidelines, it nonetheless performs a task in Florida’s fiscal system. Understanding its software is essential for correct monetary planning and compliance.
