Senate Bill sb2406e1

    CS for SB 2406                                 First Engrossed



  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         220.7015, F.S.; creating the Corporate Income

  4         Tax Trust Fund within the Department of

  5         Revenue; providing for sources of funds and

  6         purposes; providing for future review and

  7         termination or re-creation of the trust fund;

  8         specifying the uses of funds transferred from

  9         the Corporate Income Tax Trust Fund; providing

10         a contingent effective date.

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

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14         Section 1.  Section 220.7015, Florida Statutes, is

15  created to read:

16         220.7015  Corporate Income Tax Trust Fund.--

17         (1)  The Corporate Income Tax Trust Fund is created

18  within the Department of Revenue.

19         (2)  The fund is established for use as a depository

20  for funds to be appropriated by the Legislature for any

21  purpose other than education.  Moneys to be credited to the

22  trust fund include revenues collected through the corporate

23  income tax imposed under s. 220.11.

24         (3)  In accordance with s. 19(f)(2), Art. III of the

25  State Constitution, the Corporate Income Tax Trust Fund shall,

26  unless terminated sooner, be terminated on July 1, 2010.

27  Before its scheduled termination, the trust fund shall be

28  reviewed as provided in s. 215.3206(1) and (2).

29         Section 2.  Of the funds transferred to the General

30  Revenue Fund from the Corporate Income Tax Trust Fund,

31  $2,223.8 million shall be used to fund the general revenue


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CODING: Words stricken are deletions; words underlined are additions.






    CS for SB 2406                                 First Engrossed



 1  portions of Specific Appropriations 213, 217, 226, 227, and

 2  243 for Medicaid services in the 2006-2007 General

 3  Appropriations Act.  If such transferred funds are

 4  insufficient to provide the total general revenue portion of

 5  any such Specific Appropriation, additional funds from the

 6  General Revenue Fund, other than the funds transferred from

 7  the Corporate Income Tax Trust Fund, shall be used to provide

 8  the remaining portion of general revenue funding for the

 9  Specific Appropriation.

10         Section 3.  This act shall take effect July 1, 2006, if

11  Senate Bill 2234, or similar legislation amending section

12  220.701, Florida Statutes, to require that taxes collected

13  under chapter 220, Florida Statutes, be deposited into the

14  Corporate Income Tax Trust Fund, is adopted in the same

15  legislative session, or an extension thereof, and becomes law.

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CODING: Words stricken are deletions; words underlined are additions.