NSP NEWS: Doc Stamps and Intangible Tax

The Florida Housing Coalition has recently received guidance from staff at the Department of Revenue about an important question of interest to NSP Grantees: “Are NSP mortgages exempted from paying the intangible tax and documentary stamp tax?” According to Ms. Joy Eldred, Tax Law Specialist, and her supervisor Robert DuCasse with the Department, documentary stamps must be paid on NSP mortgages, while intangible taxes do not have to be paid.  They recently provided a Letter of Technical Advice (No. 10B4-019) to answer this question. The letter indicates that “Chapter 201, F.S. does not provide a specific exemption for NSP mortgages. Therefore, the mortgages are subject to documentary stamp tax under s. 201.08(1)(b), F.S.” Furthermore, the letter addresses intangible taxes: “Section 199.183(1), F.S., exempts ‘intangible personal property owned by this state or any of its political subdivisions or municipalities.’ Cities, counties and eligible nonprofit organizations that are lenders holding NSP mortgages are exempt from nonrecurring intangible taxes.”