HB 103 - Transfer of Tax Liability Summary

• Amends Florida Statutes section 213.758 to revise tax liability provisions when a business or more than 50 percent of its assets or stock of goods are transferred.

• Makes transferees liable for unpaid taxes, interest, and penalties of the transferor unless the transferor provides a tax compliance receipt or the department audits and finds no liability owed; requires completed audits within 90 days.

• Establishes transferee maximum liability equal to the fair market value or total purchase price of transferred assets (whichever is greater), with joint and several liability between transferor and transferee up to that maximum.

• Requires the Department of Revenue to provide at least 20 days' prior written notice before the Department of Legal Affairs seeks a circuit court injunction against a transferee's business activity; exempts involuntary transfers and certain real property transfers from transferee liability.

• Repeals sections 202.31 and 212.10 regarding tax liability of communications services dealers and sales tax liability in certain business transfers; takes effect upon becoming law.