FL H1197

Establishes a retaliatory estate tax on property of nonresident decedents located in Florida when their state of domicile imposes estate, inheritance, or death taxes on Florida residents' property in excess of what Florida would impose.

Tax rate under the retaliatory provision equals what the nonresident would pay in their home state if property locations were reversed, with payment due by the deadline set by the nonresident's state of domicile.

Authorizes Florida courts to construe wills containing federal tax provisions (unified credit, estate tax exemption, marital deduction, generation-skipping transfer tax exemption) to determine beneficiary shares and distributions according to testator intent.

Allows personal representatives to delay distributions, incur fees for tax compliance, and establish reserves without court order during the applicable period (January 1, 2010 through December 31, 2010 or earlier repeal of federal tax law), with protection from liability for good faith actions.

Will construction provisions apply retroactively to January 1, 2010; retaliatory tax provisions take effect July 1, 2010 and apply to nonresidents dying after June 30, 2010.