http://www.palmbeachpost.com/news/content/auto/epaper/editions/wednesday/news_f32f747885da01b500db.htmlJan. 1 is when the latest and biggest change to the "intangibles" tax kicks in, even though the windfall originated in a 2001 law. Where single investors can now deduct the first $20,000 in assets, they will be able to deduct $250,000 after the New Year. Couples who file jointly and qualify for an immediate $40,000 exemption will reap a $500,000 automatic exemption under the new rules.
"Seniors and savers can look forward to keeping more of their money in 2004," Gov. Jeb Bush said in written remarks released by the state Department of Revenue. "I am delighted to see that our efforts to reduce taxes are paying off for hundreds of thousands of Floridians and businesses."
The department estimates that 186,000 couples filing jointly -- or 372,000 investors -- and 142,000 individual filers, as well as 92,000 businesses will no longer owe taxes in 2004, costing the state an estimated $112 million.
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