intangible tax

(redirected from Intangible Taxes)

Intangible Tax

A tax imposed on an intangible asset. For example, an intangible tax may be levied on a brand or a stock. Intangible taxes can be difficult to assess because of the difficulties inherent in valuing intangible assets. In the United States, intangible taxes are imposed at the state and local levels.

intangible tax

A tax imposed by some states or local governments on the value of intangible assets such as stocks, bonds, money market funds, and bank account balances.
References in periodicals archive ?
But, there are a number of closing taxes, including documentary stamps and intangible taxes.
These obligations are numerous and include returns for income, estate, generation-skipping, gift and intangible taxes.
67) Thus, it is not applicable to Florida estate taxes, the estate's intangible taxes, and any post-death underpayment of property taxes (due to a failure to remove a homestead property tax exemption).
The sales tax will go up, gas prices will soar, intangible taxes would increase, renters will have higher payments, schools will suffer, police departments and firefighters will lose funding, real estate values would eventually fall as a result of increases in taxes on all other properties and the overall economic situation in Florida would only get worse.
Prior to 1983, counties received revenue from certain cigarette and intangible taxes.
Contributions to the Florida College Investment Plan, a 529 plan under the Internal Revenue Code, grow free of federal income taxes and free from State of Florida intangible taxes.
32] The Florida Department of Revenue has determined that an interest in an LLC is subject to state intangible taxes.
33] Although the Florida Department of Revenue has not promulgated any formal opinion or statement as to the imposition of intangible taxes against a member's interest in a limited liability company, Nadine Posie and Joe Parimore of the Florida Department of Revenue have orally confirmed the position of the Florida Department of Revenue on this issue.
6 billion in November 2004, principally due to growth in sales, documentary stamp, and intangible taxes.
In Florida, documentary stamp tax and intangible taxes apply.
Unless the law is changed in this area, the IITT concept will continue to be the most effective way in which to avoid intangible taxes while retaining flexibility in the composition of an investment portfolio.
Our program to automatically refund intangible taxes is a prime example of reducing the burden on taxpayers.