Senate Bill sb2050

    Florida Senate - 2002                                  SB 2050

    By Senator Wise





    6-1603-02

  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         High Technology Tax Exemption Matching Trust

  4         Fund within the Department of Education;

  5         providing sources of funds; specifying the use

  6         of funds; providing for future review and

  7         termination or re-creation of the trust fund;

  8         providing a contingent effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  High Technology Tax Exemption Matching

13  Trust Fund.--The High Technology Tax Exemption Matching Trust

14  Fund is created within the Department of Education.

15  Legislative appropriations provided to match qualified tax

16  exemptions that are designated by the beneficiary to be used

17  by a state university or community college for the purposes

18  provided in section 212.08(5)(j)8., Florida Statutes, shall be

19  credited to the trust fund and shall be used for those

20  purposes.

21         Section 2.  In accordance with Section 19(f)(2) of

22  Article III of the State Constitution, the High Technology Tax

23  Exemption Matching Trust Fund shall, unless terminated sooner,

24  be terminated on July 1, 2006. Before its scheduled

25  termination, the trust fund shall be reviewed as provided in

26  section 215.3206(1) and (2), Florida Statutes.

27         Section 3.  This act shall take effect July 1, 2002,

28  but it shall not take effect unless it is enacted by at least

29  a three-fifths vote of the membership of each house of the

30  Legislature.

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    Florida Senate - 2002                                  SB 2050
    6-1603-02




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  2                          SENATE SUMMARY

  3    Creates the High Technology Tax Exemption Matching Trust
      Fund within the Department of Education. Provides for
  4    legislative appropriations provided to match qualified
      tax exemptions to be deposited into the fund. Provides
  5    for future legislative review and termination or
      re-creation of the trust fund.
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CODING: Words stricken are deletions; words underlined are additions.