1. (1) Registered Security Dealers: Promissory notes for a duration of thirty days or less, made by a security dealer registered under the provisions of Chapter 517, F.S., shall be exempt from tax, provided these promissory notes are secured by a collateral security as defined in Section 517.021, F.S., and upon which the tax under Chapter 201, F.S., has been paid.
2. (2) Wholesale Warehouse Mortgage Agreements: All promissory notes, non-negotiable notes and other written obligations to pay money given pursuant to a wholesale warehouse mortgage agreement as provided under Section 201.21, F.S., shall be exempt from the tax only when the amount of tax due on or in respect to the collateral obligation(s) given as security has been paid. The exemption does not apply to the amount of the indebtedness evidenced by a note or other written obligation to pay money that is in excess of the amount of the indebtedness evidenced by such collateral obligation(s) given as security. The maximum of tax due on any excess of the indebtedness is $2,450.
3. (3) Contingent Obligations: A written promise to pay money which is not fixed and absolute at the time of execution is not subject to tax.

4. (4) Assignment of Mortgage: An assignment of a mortgage by a lender (mortgagee or owner of the asset) to a new lender who has purchased the note and mortgage and becomes the holder of the note and mortgage is not taxable.

   Cross Reference – subsection 12B-4.053(20), F.A.C.

5. (5) Assignment of Conditional Sale Contract. An assignment of a conditional sale contract is not taxable. However, the assignment of a contract as collateral security for a new loan, when recorded in Florida, is taxable.
6. (6) Unsigned Documents. A note or written obligation to pay money which is not signed by a maker or obligor is not taxable.

7. (7) Rights to Rescind. Lot purchase contracts rescinded by purchasers within the stated time period are not subject to tax.

   Cross Reference – subsection 12B-4.053(4), F.A.C.

8. (8) Cashier’s Check. A cashier’s check is a check, draft, or other order for the payment of money drawn by the cashier of a bank upon either his or her own bank or upon some other bank, in which funds of his or her bank are deposited, and is not a written obligation for the payment of money. No tax is due on a cashier’s check.
9. (9) Contract Brought into Florida for Collection. Contracts for the purchase and sale of real property located in Florida, made, executed and delivered in other states, and sent into Florida for purposes of collection only are not subject to tax.
10. (10) Surety Bonds. Surety bonds which are to insure the doing of certain things required by the conditions of such bonds and which contain a promise to pay a sum only in the event of the happening of the named contingency are not taxable.
11. (11) Travelers Checks. A travelers check issued by a bank that becomes an order for the payment of money by the bank when properly countersigned is not taxable.
12. (12) Military Bases – Written Obligation to Pay Money. Written obligations to pay money executed and delivered on military bases are not taxable. However, recorded documents evidencing such indebtedness are subject to tax.
13. (13) Credit Unions – Written Obligations to Pay Money. Written obligations to pay money executed by state or federally chartered credit unions are exempt.
14. (14) Obligations Executed by Governmental Entities. No tax is required on obligations executed by the United States or its agencies, or by the state, counties, municipalities, or any political subdivisions or agency of the state.
15. (15) Industrial Development Authorities and Florida Housing Finance Corporation. Lease purchase agreements, agreements for sale, agreements or contracts for deeds, notes and mortgages securing a promise to pay money to an industrial development authority or the Florida Housing Finance Corporation by a private entity in connection with the issuance of bonds under Chapters 159 and 420, F.S., are exempt from tax under Section 201.08, F.S.

16. (16) Foreign Notes.

    1. (a) Notes and other written obligations to pay money are exempt from tax if the makers or obligors are individuals residing outside the United States or business organizations or other persons located outside the United States, at the time of making or the execution of the note or written obligation. This exemption does not apply to the following:

       1. Mortgages, trust deeds, security agreements, or other evidences of indebtedness relating to the purchase or transfer of real property located in Florida and filed or recorded in Florida.

       2. If the purpose of the financing is to finance all or part of the purchase of personal property for use in Florida, unless such personal property is identifiable as being directly and solely in connection with the production, preparation, storage, or transportation of tangible personal property for export or import, and the lender is a banking organization defined in Section 201.23(4)(b), F.S.

       3. If at the date of the instrument, the individual obligor resides within the United States; or, if a majority of the equity securities of the maker of the document are owned by individuals residing within the United States or business organizations located within the United States.

    2. (b) The lender will be entitled to rely upon the written certificate of each maker or obligor certifying as to the purpose of the financing and residency of the maker or obligor or, if a corporate borrower, that a majority of its equity securities are not owned by individuals residing within the United States or business organizations or other persons located within the United States.

17. (17) International Banking Transactions.

    1. (a) Tax is not required on notes and evidences of indebtedness, including, but not limited to, financing statements, drafts, and bills of exchange, that are made, issued, drawn upon, accepted, delivered, shipped, received, signed, executed, assigned, transferred, or sold by or to a banking organization as defined in Section 201.23(4)(b), F.S., in the conduct of an international banking transaction, as defined in Section 201.23(4)(b), F.S. The exemption does not apply if the financing is for the purchase or transfer of real property located in Florida, or secured by a mortgage, deed of trust, or other lien upon real property located in Florida.
    2. (b) Any financing that is only partially identifiable as being in connection with the production, preparation, storage, or transportation of tangible personal property or services for export from or import into the United States does not qualify for the exemption.
    3. (c) The lender must prepare a statement to be placed with each loan that documentation qualifying the transaction for the exemption provided by this chapter was submitted to the lender and is in the file.
18. (18) Financing Statements – Chapter 679, Uniform Commercial Code. The filing or recording in Florida of a UCC Financing Statement is not taxable under Section 201.08(1), F.S., unless the note, security agreement or other obligatory document is also filed or recorded. A notation on the UCC Financing Statement must state that the stamp tax has been paid on the promissory instruments and will be paid on any additional promissory instrument, or that no tax is due.
19. (19) Confirmed Bankruptcy Plan: A promissory note or other written obligation to pay money, bond, mortgage, trust deed, security agreement or other evidence of indebtedness filed or recorded in Florida issued pursuant to a Chapter 11 plan which was confirmed under Section 1129 of the Bankruptcy Code (Title 11 U.S.C.), prior to the date of the issuance is not taxable. (11 U.S.C. Section 1146(a); Florida Department of Revenue v. Piccadilly Cafeterias, Inc., 554 U.S. 33 (2008))

Rulemaking Authority 201.11(1), 213.06(1) FS. Law Implemented 201.01, 201.08, 201.09, 201.10, 201.11, 201.21, 201.22, 201.23, 201.24, 517.32 FS. History–New 8-18-73, Formerly 12A-4.54, Amended 2-21-77, 11-29-79, 3-5-80, 4-11-80, 7-27-80, 12-23-80, 2-12-81, Formerly 12B-4.54, Amended 3-30-81, 12-3-81, 12-29-86, 12-5-89, 2-13-91, 10-18-94, 12-30-97, 7-28-98, 1-4-01, 5-4-03, 7-30-13, 1-25-26.