CS/CS/CS/HB 907 Summary

• Amends section 213.758, Florida Statutes to comprehensively revise tax liability provisions when a person transfers or quits a business, including transfers of business assets or stock of goods when more than 50 percent is transferred.

• Requires the Department of Revenue to provide at least 20 days' prior written notice to a taxpayer or transferee before a circuit court may grant a temporary injunction preventing further business activity for unpaid taxes.

• Makes transferees of more than 50 percent of a business liable for the transferor's unpaid taxes unless the transferor provides a certificate of compliance showing no audit notice and full tax payment, or the department audits and finds no liability owed.

• Establishes that a transferee's maximum tax liability equals the fair market value of transferred assets or the total purchase price paid, whichever is greater, calculated net of liens and liabilities (excluding those owed to insiders).

• Exempts transferees from liability for involuntary transfers (foreclosure, eminent domain, bankruptcy) and for transfers consisting solely of one- to four-family residential real property without other business assets.

• Repeals sections 202.31 and 212.10, Florida Statutes, relating to tax liability for communications services dealers and sales tax dealers making certain business transfers.