HB 623 — Taxation of Real Property Platform Transactions

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 623 2021 A bill to be entitled An act relating to taxation of real property platform transactions;

201.02 Tax on deeds and other instruments relating to real property or interests in real property.— (12)(a) For purposes of this subsection, the term "real property platform" means a companycorporation thator operatesany anaffiliated Internetgroup websiteof orcorporations applicationas that:defined under s.

220.03(1)(b), whether or not such affiliated group of corporations elects to file a consolidated return pursuant to s.

220.131, whose shares are publicly traded on a recognized stock exchange located in the United States and that operates an Internet website or Internet application that:

Disseminates residential property information to consumers through the platform.website or application, and Page 1 of 3 CODING:

2.

Facilitates real property transactions by enabling consumers to purchase, sell, or rent residential property.

3.

Purchases and assumes title itself, or through an affiliate, to residential property without taking residence to the property, with the intent to sell the property to a third Page 1 of 2 CODING:

hb0623-00hb0623-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 623 2021 party.2.

(b)Facilitates If a real property platformtransactions purchasesto residentialenable property,consumers sellsto the residential property within 180 calendar days immediately following the date of purchase ofand thesell property,residential throughproperty. itself or an affiliate, and:

(b) For the conveyance of, or vesting of interest in, a residential property that was previously conveyed to, or an interest in which was vested in, a real property platform, itself, or through an affiliated group of corporations as defined in s.

220.03(1)(b), whether or not such affiliated group of corporations elects to file a consolidated return pursuant to s.

220.131, to or in an unrelated subsequent purchaser in an arm's length transaction, the consideration for the tax imposed by this section shall be limited to the difference between the consideration paid by the real property platform, itself, or through an affiliated group of corporations whether or not such affiliated group of corporations elects to file a consolidated return, for such residential property, and the consideration paid to the real property platform or an affiliated group of corporations of the real property platform by the subsequent purchaser for the property, if the real property platform or an affiliated group of corporations does all of the following:

TheConveys differenceor betweenvests thean recordedinterest pricein the realresidential property platformclassified paidas tosingle purchasefamily theor propertycondominium andpursuant the recorded sales price paid by the subsequent purchaser is greater than the original purchase price of the property but does not exceed 10 percent of the original purchase price, documentary stamp taxes shall be assessed only on the difference between the recorded price the real property platform paid to purchases. the property and the recorded sales price paid by the subsequent purchaser.

195.073(1)(a)1.

and 4.

that is a single dwelling unit.

TheConveys recordedor salesvests pricean paidinterest byin the subsequentresidential purchaserproperty is equal to or less than the recordedunrelated pricesubsequent paidpurchaser bywithin the180 realcalendar propertydays platformimmediately tofollowing purchase the property,date noon documentarywhich stampsuch taxesPage shall2 be assessed on the sale of the3 property.CODING:

Words stricken are deletions;

words underlined are additions.

hb0623-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 623 2021 property was conveyed to, or interest in such property was vested in, the real property platform or an affiliated group of corporations, of the real property platform.

3.

Does not use the residential property as a home, residence, or sleeping place or as a dwelling unit as defined in s.

83.43(2), while it owns the real property other than to allow a short-term seller holdover arrangement incidental to the sale of the residential property.

4.

Receives consideration for conveyance of, or vesting of interest in, the residential property from the unrelated subsequent purchaser in an amount no greater than 110 percent of the amount of the consideration paid by the real property platform or an affiliated group of corporations of the real property platform for the residential property.

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