Was a taxpayer's investment with a life insurance company subject to Florida's historical intangible personal property tax?

Subject

Exemption - Property Not Subject to Tax - Annuity

Plain-English summary

The taxpayer's investment was exempt from Florida intangible tax. The cited statute defined money to include the cash equivalent of annuities and life insurance policies, and another provision exempted money from the tax.

The ruling did not describe the investment's detailed contract terms; it based its conclusion on the statutory provisions and the information provided in the request.

What this means for you

This short historical ruling treated the specific life-insurance-company investment as exempt property rather than taxable intangible property.

Common questions

What statutory category controlled? Money, expressly including the cash equivalent of annuities and life insurance policies.

Did the ruling provide valuation or withdrawal details? No.

Was the conclusion broader than the taxpayer's described investment? No. The standard closing limited it to the supplied facts.

Citations and references

• Fla. Stat. §§ 199.023(2), 199.185(1)(a), and 213.22

Source

• Landing page: Florida Tax Law Library
• Advisement: TAA 94C2-005

Original ruling text

Feb 22, 1994

Re: Technical Assistance Advisement No. 94(C)2-005
Intangible Personal Property Tax - Annuities
Sections 199.023(2) and 199.185(1)(a), F.S.
XXX (Investment)

Dear :

This is in response to your recent request for a technical
assistance advisement concerning the taxability of your
Investment with Fidelity Investment Life Insurance Company.

Section 199.023(2), F.S., provides that "Money" includes,
without limitation, United States legal tender, certificates of
deposit, cashier's and certified checks, bills of exchange,
drafts, the cash equivalent of annuities and life insurance
policies, and similar instruments, which are held by the
taxpayer. Money is exempt from the intangible tax under s.
199.185(1)(a), F.S..

Based upon the statutory provisions and the information
provided in your letter, your Investment is exempt from Florida
intangible tax.

This response constitutes a Technical Assistance Advisement
under s. 213.22, F.S., which is binding on the Department only
under the facts and circumstances described in the request for
this advice as specified in s. 213.22, F.S. Our response is
predicated on those facts and the specific situation summarized
above. You are advised that subsequent statutory or
administrative rule changes or judicial interpretations of the
statutes or rules upon which this advice is based may subject
similar future transactions to a different treatment than
expressed in this response.

You are further advised that this response and your request
are public records under Chapter 119, F.S., which are subject to
disclosure to the public under the conditions of s. 213.22, F.S.

Your name, address, and any other details which might lead to
identification of the taxpayer must be deleted by the Department
before disclosure. In an effort to protect the confidentiality
of such information, we request you notify the undersigned in
writing within 15 days of any deletions you wish made to the
request or the response.

Sincerely,

Nadine C. Posey
Tax Audit Specialist III
Technical Assistance
NCP/mh