This levy applies to specific assets held by Florida residents and businesses, such as notes, bonds, accounts receivable, and some partnership interests. For example, a business might owe this tax on the outstanding balance of invoices it has issued but not yet collected. The tax does not apply to tangible personal property like vehicles or equipment, nor does it apply to real estate.
Historically, this tax served as a significant revenue source for state and local governments, supporting essential public services. While its importance has diminished over time due to changes in the economic landscape and tax laws, it still plays a role in Florida’s fiscal system. Understanding its application is crucial for accurate financial planning and compliance.
