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





                                                  SENATE AMENDMENT

    Bill No. CS for CS for SB 1566, 1st Eng.

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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10                                                                

11  Senator Clary moved the following amendment to amendment

12  (553475):

13

14         Senate Amendment (with title amendment) 

15         On page 168, between lines 26 and 27,

16

17  and insert:

18         Section 71.  Subsection (1) of section 196.2001,

19  Florida Statutes, is amended to read:

20         196.2001  Not-for-profit sewer and water company

21  property exemption.--

22         (1)  Property of any sewer and water company owned or

23  operated by a Florida corporation not for profit, the income

24  from which has been exempt, as of January 1 of the year for

25  which the exemption from ad valorem property taxes is

26  requested, from federal income taxation by having qualified

27  under s. 115(a) or s. 501(c)(12) of the Internal Revenue Code

28  of 1954 or of a corresponding section of a subsequently

29  enacted federal revenue act, shall be exempt from ad valorem

30  taxation, provided the following criteria for exemption are

31  met by the not-for-profit sewer and water company:

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                                                  SENATE AMENDMENT

    Bill No. CS for CS for SB 1566, 1st Eng.

    Amendment No.    





 1         (a)  Net income derived by the company does not inure

 2  to any private shareholder or individual.

 3         (b)  Gross receipts do not constitute gross income for

 4  federal income tax purposes.

 5         (c)  Members of the company's governing board serve

 6  without compensation.

 7         (d)  Rates for services rendered by the company are

 8  established by the governing board of the county or counties

 9  within which the company provides service; by the Public

10  Service Commission, in those counties in which rates are

11  regulated by the commission; or by the Farmers Home

12  Administration.

13         (e)  Ownership of the company reverts to the county in

14  which the company conducts its business upon retirement of all

15  outstanding indebtedness of the company.

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17  Notwithstanding anything above, no exemption shall be granted

18  until the property appraiser has considered the proposed

19  exemption and has made a specific finding that the water and

20  sewer company in question performs a public purpose in the

21  absence of which the expenditure of public funds would be

22  required.

23         (2)  This section shall take effect upon this act

24  becoming a law and shall apply retroactively to January 1,

25  1998.

26         Section 72.  (1)  Notwithstanding any provision of

27  chapter 196, Florida Statutes, to the contrary, any exemption

28  which would be authorized by the amendment to s. 196.2001(1),

29  Florida Statutes, by this act, and which was applied for and

30  granted in good faith to any not-for-profit sewer or water

31  company after December 31, 1997, shall not be subject to any

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                                                  SENATE AMENDMENT

    Bill No. CS for CS for SB 1566, 1st Eng.

    Amendment No.    





 1  assessment, penalty, or interest otherwise allowed by law.

 2         (2)  This section shall take effect upon this act

 3  becoming a law.

 4

 5  (Redesignate subsequent sections.)

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 7

 8  ================ T I T L E   A M E N D M E N T ===============

 9  And the title is amended as follows:

10         On page 181, line 31, after the semicolon,

11

12  insert:

13         amending s. 196.2001, F.S.; revising the

14         conditions for qualification for the ad valorem

15         tax exemption for property of a not-for-profit

16         sewer and water company; providing for

17         retroactive application; providing that certain

18         exemptions that conform to such revision that

19         were previously granted shall not be subject to

20         any assessment, penalty, or interest;

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