Florida Regulations 12A-1.065: Sales to Banks
Current as of: 2024 | Check for updates
|
Other versions
(1) Sales and rentals of tangible personal property to state and national banks are taxable.
(2) Motor vehicles purchased or rented by a state or national bank for the use of its officers and employees are taxable.
(3) The sale of repossessed tangible personal property by a bank to a consumer is taxable. The bank shall collect and remit sales tax on all such sales and, in the case of a motor vehicle, shall provide the purchaser with a receipt therefor which can be attached to the application for certificate of title as proof that tax has been paid on the purchase price. A bank is not liable for the collection of sales tax when it sells a repossessed automobile to a dealer for resale.
(4) The rental charge made by a bank on safety deposit boxes is exempt.
(5) The charge made by a bank for the use of depository bags is a service charge and is exempt.
(6) Imprinted (personalized) checks sold by a bank to its customers are taxable. When such bank issues five or ten checks a month to customers for a fixed charge which represents a service charge on their accounts, such charge is exempt.
Rulemaking Authority 212.17(6), 212.18(2), 213.06(1) FS. Law Implemented 212.05(1), 212.08(7)(v), 212.081(3) FS. History-New 10-7-68, Amended 2-8-69, 4-11-70, 6-16-72, Formerly 12A-1.65.
Terms Used In Florida Regulations 12A-1.065
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Personal property: All property that is not real property.
(3) The sale of repossessed tangible personal property by a bank to a consumer is taxable. The bank shall collect and remit sales tax on all such sales and, in the case of a motor vehicle, shall provide the purchaser with a receipt therefor which can be attached to the application for certificate of title as proof that tax has been paid on the purchase price. A bank is not liable for the collection of sales tax when it sells a repossessed automobile to a dealer for resale.
(4) The rental charge made by a bank on safety deposit boxes is exempt.
(5) The charge made by a bank for the use of depository bags is a service charge and is exempt.
(6) Imprinted (personalized) checks sold by a bank to its customers are taxable. When such bank issues five or ten checks a month to customers for a fixed charge which represents a service charge on their accounts, such charge is exempt.
Rulemaking Authority 212.17(6), 212.18(2), 213.06(1) FS. Law Implemented 212.05(1), 212.08(7)(v), 212.081(3) FS. History-New 10-7-68, Amended 2-8-69, 4-11-70, 6-16-72, Formerly 12A-1.65.