Current through Reg. 50, No. 187; September 24, 2024
(1)
(a) Liability in general - Except as
otherwise provided in subsections (2) and (3) of this rule, the tax is payable
by any of the parties to a taxable transaction. The parties to the transaction
may agree among themselves as to who shall pay the tax, but such agreements do
not relieve the others from their liability in the event the agreement is not
followed.
(b) Taxability of
Instrument - The taxability of an instrument, as well as amount of the tax, is
determined by form and face of the instrument and cannot be affected by proof
of extrinsic facts. (Lee v. Kenan, 78 F.2d 425 (5th Cir. 1935); 100 ALR
869)
(c) Cooperative Apartment -
Only the purchaser is liable for the payment of the tax.
(2) United States, Its Agencies or
Instrumentalities
(a) Transactions between
non-exempt parties and the United States, its agencies or instrumentalities are
taxable unless such transactions are evidenced by documents which have been
exempted by Congress.
(b) Mortgages
and notes executed by non-exempt parties to instrumentalities of the federal
government, which include, but are not limited to the following agencies are
subject to the tax:
Administrator of Veterans Affairs;
Central Bank for Cooperatives;
Columbia Bank for Cooperatives;
Farmers Home Corporation;
Federal Housing Commissioner;
Federal Intermediate Credit Bank;
Federal Production Credit Association;
Federal Savings and Loan Associations;
Production Credit Corporation;
Production Credit Corporation of Columbia;
Rural Electrification Administration;
Small Business Administration.
(c) Mortgages and notes between non-exempt
parties and agencies or instrumentalities of the federal government, including,
but not limited to, the following agencies are exempt by Congress and,
therefore, are not taxable: (However, an instrument which is guaranteed or
insured by one of the following agencies or instrumentalities is subject to
tax.)
1. Agricultural Credit
Association;
2. Farmers Home
Administration; also includes deeds to the Farmers Home Administration (Name
changed to: Rural Development/Rural Housing Services);
3. Federal National Mortgage Association
(FNMA);
4. Government National
Mortgage Association (GNMA);
5.
Neighborhood Reinvestment Corporation;
6. Reconstruction Finance
Corporation.
(3) State, Counties, and Municipalities.
(a) The state, county, municipality, or any
political subdivision thereof is not liable for the tax with respect to a
document transferring any interest in realty to which it is a party. However,
the transaction is not exempt from tax, and the non-exempt party to the
transaction is liable for the tax. The affixing of stamp tax to an instrument
by the state, county, municipality, or a political subdivision thereof does not
constitute payment of the tax, and the non-exempt party remains liable for the
tax in such case.
Cross Reference - subsection
12B-4.014(13),
F.A.C.
(b) Written
obligations to pay money issued by the state, counties, municipalities or any
political subdivision of the state are exempt.
Cross Reference - subsection
12B-4.054(24),
F.A.C.
(4)
Instruments Between Governmental Agencies:
(a)
Instruments between federal or state governments or their instrumentalities,
all being governmental agencies, are exempt from tax.
Cross Reference - subsection
12B-4.014(10),
F.A.C.
(b) A conveyance by a
master in chancery, sheriff or clerk of circuit court for realty sold under
foreclosure, execution or court judgment to an agent of the federal government
who is the mortgagee is not taxable unless there are excess funds received from
the sale from which the tax may be paid.
Cross Reference - subsection
12B-4.013(3),
F.A.C.
Rulemaking Authority
201.11(1),
213.06(1) FS.
Law Implemented 201.01,
201.02,
201.08,
201.24
FS.
New 8-18-73, Formerly 12A-4.02, Amended 3-13-79, 11-29-79,
12-3-81, Formerly 12B-4.02, Amended 12-5-89, 2-13-91,
12-30-97.
