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Documentary stamp tax

Amendment 1 lawsuit may rev up after Session

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environment

A lawsuit over the state’s environmental funding under a new constitutional amendment is expected to resume now that the annual Session is in lawmakers’ rear-view mirror. An array of environmental advocacy groups had filed suit over the Water and Land Legacy Amendment, also known as Amendment 1. The constitutional change, approved by voters in 2014, mandates state spending for land and water conservation. The amendment, which needed a minimum of 60 percent to pass, got a landslide of nearly 75 percent, or…

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‘Doc stamp’ tax on Freddie Mac, Fannie Mae deals is illegal, suit says

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real estate sales

A proposed class-action suit says Florida has been illegally collecting real estate “doc stamp” taxes on homes bought from Fannie Mae and Freddie Mac.   Richard A. Castorri filed suit last week in Leon County Circuit civil court against the Department of Revenue (DOR), court dockets show. He bought a house in Leon County from Fannie Mae in 2014, his suit says. A Documentary stamp, or doc stamp, tax is levied on the sale of real estate. The state collected nearly…

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Florida 2015-16 general revenue boosted by extra billion in sales tax

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State economists released a rundown of state revenue streams Monday, including the sources for Florida’s $28.41 billion in general revenue funds. According to the 2016 Florida Tax Handbook, the state sales tax looks to see the biggest gains in the 2015-16 fiscal year. Sales tax makes up 77 percent of the state’s general revenue funds; the expected $21.87 billion haul represents an increase of about $1.07 billion from last year. The corporate income tax was the only other general revenue…

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