FL S1384

Establishes comprehensive definitions for "business," "transfer," "stock of goods," "financial institution," "insider," and "tax" to clarify when tax liability transfers occur, with transfer occurring when more than 50 percent of a business, its assets, or inventory changes hands.

Requires transferees who acquire more than 50 percent of a business or its assets to assume liability for the transferor's unpaid taxes unless the transferor provides a certificate of compliance from the Department of Revenue or the department audits and finds no liability within 90 days.

Limits transferee liability to the fair market value or total purchase price of the transferred business/assets (whichever is greater), calculated net of liens and liabilities excluding those owed to insiders.

Requires the Department of Revenue to provide at least 20 days' prior written notice before seeking court injunctions against taxpayers who fail to file final returns and against transferees who fail to pay their maximum tax liability.

Repeals sections 202.31 and 212.10, which previously addressed tax liability for dealers of communications services and sales tax liability for certain business transfers, and takes effect July 1, 2011.