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FLORIDA REVENUE DEPARTMENT TO MAIL OUT 1.43 MILLION INTANGIBLE TAX RETURNS

 TALLAHASSEE, Fla., Nov. 27 ~PRNewswire~ -- The Florida Department of Revenue is preparing to mail 1993 intangible tax returns to 768,586 individuals and 662,807 corporations.
 The 1.43 million forms will go to those who paid intangible tax in previous years, took advantage of this year's tax amnesty program to pay back taxes, or are shown by reports from the Internal Revenue Service and securities dealers to have sufficient intangible assets to owe the tax. A supplemental mailing list will be prepared in December to add late information.
 The returns are scheduled for delivery in January.
 For the first time, the intangible tax returns for individuals will be on a form to allow optic scanning to enter the information into Department of Revenue computers automatically rather than manually. All returns should be filed on Department-furnished or Department-approved forms. Forms are available from Department taxpayer service centers around the state listed in telephone books or by calling 800-FLA-DOR1 (800-352-3671).
 Intangible tax is imposed on the value of stocks, bonds, accounts receivable, loans and other intangible assets owned by Florida residents as of Jan. 1 each year.
 Returns must be filed by individuals who own more than $20,000 in intangible assets and couples who file jointly and have more than $40,000 in intangible assets. The tax rate for assets between $20,000 and $100,000 for individuals and $40,000 to $200,000 for couples is $1 per $1,000 value. Assets over $100,000 for individuals and $200,000 for couples will be taxed at $2 per $1,000 in 1993, an increase from $1.50 in 1992. Corporations are taxed at $2 per $1,000 with no exemptions.
 The penalty for late payment will double next year to 50 percent of tax due, from the current 25 percent. Returns must be filed and payments made by June 30. Discounts are available for early payment -- 4 percent in January and February, 3 percent in March, 2 percent in April and 1 percent in May.
 Department of Revenue officials estimate the state loses substantial amounts each year in unpaid intangible tax, primarily because persons are unaware they owe the tax. Anyone reporting persons who fail to pay tax due may get a reward of 10 percent of tax recovered.
 -0- 11~27~92
 ~CONTACT: Jere Moore of the Florida Department of Revenue, 904-487-2426, or 904-997-7258~


CO: Florida Department of Revenue ST: Florida IN: FIN SU:

AW-JJ -- FL001 -- 1761 11~27~92 09:08 EST
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Publication:PR Newswire
Date:Nov 27, 1992
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