CODING: Words stricken are deletions; words underlined are additions.House Bill 0129e1
CS/HB 129, First Engrossed
1 A bill to be entitled
2 An act relating to investments in education;
3 creating the Florida Education Technology
4 Foundation for certain purposes; providing for
5 a board of directors; providing for membership;
6 providing for appointing members; providing for
7 electing members; providing duties of the
8 board; providing for creation of Florida's
9 Future Investment Funds for certain purposes;
10 providing for investment of moneys in such
11 funds; providing for donating certain revenues
12 to the foundation; providing for contributing a
13 portion of investment interest to the
14 foundation for certain purposes; providing for
15 a reduced intangibles tax rate on securities in
16 Florida's Future Investment Funds under certain
17 circumstances; creating s. 212.0602, F.S.;
18 exempting certain educational entities,
19 institutions, or organizations from the sales
20 and use tax under certain limited
21 circumstances; providing an effective date.
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23 Be It Enacted by the Legislature of the State of Florida:
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25 Section 1. (1) The purpose of this section is to
26 provide a mechanism by which the business community in this
27 state can directly participate in providing assistance to the
28 growth and development of education enhancement in this state
29 through contributions to special state-sponsored investment
30 funds. The purpose of such funds is to provide funding for
31 computers, computer technology, training in computer
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CS/HB 129, First Engrossed
1 education, and scholarships for business-related careers for
2 the education system, including kindergarten through twelfth
3 grade, community colleges, and universities.
4 (2) The Florida Education Technology Foundation is
5 hereby created as a nonprofit corporation for the purpose of
6 establishing a series of state-sponsored investment funds to
7 be known as Florida's Future Investment Funds. The purpose of
8 such funds is to provide a source of revenue which shall be
9 used by the foundation to provide funding for:
10 (a) Buying and maintaining computers and
11 computer-related technology for all levels of the education
12 system in this state.
13 (b) Training teachers and faculty to use computer
14 equipment and technology and to teach the effective use of
15 computer equipment and technology.
16 (c) Scholarships for business-related fields.
17 (3) The foundation shall be governed by a board of
18 directors consisting of 11 members, one of whom shall be the
19 Commissioner of Education or his or her designee, one of whom
20 shall be the Treasurer or his or her designee, one of whom
21 shall be appointed by the President of the Senate, one of whom
22 shall be appointed by the Speaker of the House of
23 Representatives, and 3 of whom shall initially be appointed by
24 the Florida Council of 100 from membership of the council and
25 thereafter shall be elected by the corporations and businesses
26 which contribute moneys to a Florida's Future Investment Fund.
27 The remaining 4 members shall be appointed by the board of
28 directors of Enterprise Florida, Inc., from the membership of
29 the board of directors of Enterprise Florida, Inc., and shall
30 serve for terms of 2 years. Of the first members appointed by
31 the Florida Council of 100, two shall be appointed for a term
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CS/HB 129, First Engrossed
1 of 1 year and one shall be appointed for a term of 2 years.
2 Thereafter, those members shall be elected and shall serve for
3 terms of 4 years. Each corporation shall receive one vote for
4 investing up to $25 million in a Florida's Future Investment
5 Fund and shall receive an additional vote for each additional
6 investment of $25 million. A chair shall be elected by the
7 members of the board and the board shall meet at the call of
8 the chair. In no event shall the state be liable for the
9 actions of the foundation or the fund managers.
10 (4) The foundation shall establish Florida's Future
11 Investment Funds for the purpose of investing moneys placed in
12 such funds by corporations and businesses in this state and
13 receiving a portion of such interest to be used as provided in
14 subsection (2). The board of directors shall provide for the
15 administration and management of such funds to maximize the
16 return on investment of moneys in such funds. The board of
17 directors may hire outside managers to administer and invest
18 the moneys in the Florida's Future Investment Funds. The
19 board shall prescribe the level of prudence and ethical
20 standards to be followed by the fund managers. It is the
21 intent of the Legislature that administrative fees be as low
22 as possible. The staff of the Commissioner of Education shall
23 serve as support staff for the board of directors.
24 (5) It is the intent of the Legislature that any
25 corporation or business participating in a Florida's Future
26 Investment Fund contribute a portion of the interest earned on
27 investments of moneys in the fund to the Florida Education
28 Technology Foundation to be used as provided in subsection
29 (2). The portion of interest earned and donated may be
30 determined by action of the board of directors of the
31 foundation.
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CS/HB 129, First Engrossed
1 Section 2. (1) Notwithstanding the provisions of
2 chapter 199, Florida Statutes, the tax imposed under s.
3 199.032, Florida Statutes, on securities in a Florida's Future
4 Investment Fund shall apply at the rate of 1.85 mills when the
5 average daily balance in such funds exceeds $2 billion and at
6 the rate of 1.70 mills when the average daily balance in such
7 funds exceeds $5 billion.
8 (2) This section shall not apply in any year in which
9 the revenues of the foundation in the previous calendar year
10 are less than the tax savings allowed by this section. "Tax
11 savings" means the difference between the tax that would be
12 imposed pursuant to s. 199.032, Florida Statutes, and the tax
13 rate specified in subsection (1).
14 Section 3. Section 212.0602, Florida Statutes, is
15 created to read:
16 212.0602 Education; limited exemption.--To facilitate
17 investment in education and job training, there is also
18 exempt, subject to the provisions of this section, from the
19 taxes levied under this chapter any entity, institution, or
20 organization which is primarily engaged in teaching students
21 to perform any of the activities or services described in s.
22 212.031(1)(a)9., which conducts classes at a fixed location
23 located in this state, is licensed under chapter 246, and has
24 at least 500 enrolled students. Any entity, institution or
25 organization meeting the requirements of this section shall be
26 deemed to qualify for the exemptions in sections 212.08(5)(f),
27 212.08(12), and to qualify for an exemption for its purchase
28 or lease of materials, equipment, and other items used for
29 education or demonstration of the school's curriculum.
30 Nothing herein shall preclude an entity described in this
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CS/HB 129, First Engrossed
1 section from qualifying for any other exemption provided for
2 in this chapter.
3 Section 4. This act shall take effect upon becoming a
4 law.
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