House Bill 0067c1

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    Florida House of Representatives - 2000        CS/HBs 67 & 187

        By the Committee on Finance & Taxation and Representatives
    Fasano, Starks, Russell, Goodlette, Lynn, Fiorentino, Murman,
    Brummer, Wallace, J. Miller, Ritchie, Johnson, Dockery,
    Constantine, Argenio and Argenziano



  1                      A bill to be entitled

  2         An act relating to taxation; amending s.

  3         199.023, F.S.; revising the definition of a

  4         "beneficial interest" in a trust for intangible

  5         personal property tax purposes; amending s.

  6         199.032, F.S.; reducing the rate of the annual

  7         intangible personal property tax; amending s.

  8         199.033, F.S.; reducing the rates of the tax on

  9         securities in a Florida's Future Investment

10         Fund to conform; amending s. 199.052, F.S.;

11         providing that a trustee is not responsible for

12         returns and is not required to pay annual tax

13         on trust property; providing that a Florida

14         resident with a beneficial interest in a trust

15         is responsible for returns and payment of tax

16         for his or her equitable share; revising

17         provisions relating to the responsibilities of

18         a bank or savings association acting as agent

19         of a trust other than as a trustee and

20         providing that its management or control shall

21         not be used as a basis for imposing the annual

22         tax; providing that intangible assets managed

23         by a fiduciary or agent shall not have taxable

24         situs in this state solely by virtue of such

25         management; amending s. 199.175, F.S.; revising

26         the definition of "any person domiciled in this

27         state"; amending s. 199.183, F.S.; providing

28         that intangible personal property owned,

29         managed, or controlled by a trustee of a trust

30         is exempt from the annual tax; amending s.

31         199.185, F.S.; providing that all accounts

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  1         receivable are exempt from intangible personal

  2         property taxes; revising the exemption from the

  3         annual tax granted to natural persons; amending

  4         s. 199.292, F.S.; eliminating distribution of a

  5         portion of intangible personal property tax

  6         revenues to the Revenue Sharing Trust Fund for

  7         Counties; amending s. 212.20, F.S.; increasing

  8         the distribution of sales and use tax proceeds

  9         to the Local Government Half-cent Sales Tax

10         Clearing Trust Fund; providing for distribution

11         of a portion of sales and use tax proceeds to

12         the Revenue Sharing Trust Fund for Counties;

13         amending s. 218.23, F.S.; providing for an

14         annual distribution from the trust fund to

15         certain consolidated units of local government;

16         amending s. 218.25, F.S.; providing additional

17         assurance to holders of bonds secured by shared

18         funds; amending s. 288.1169, F.S.; correcting a

19         reference; repealing s. 218.251, F.S.; which

20         provides for an additional distribution to

21         certain consolidated governments, subject to

22         annual appropriations; providing an effective

23         date.

24

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

26

27         Section 1.  (1)  Subsection (7) of section 199.023,

28  Florida Statutes, is amended to read:

29         199.023  Definitions.--As used in this chapter:

30         (7)  A resident has a "beneficial interest" in a

31  foreign trust if the resident has a vested interest, even if

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  1  subject to divestment, which includes at least a current right

  2  to income and either a power to revoke the trust or a general

  3  power of appointment, as defined in 26 U.S.C. s. 2041(b)(1).

  4         (2)  This section is effective for tax years beginning

  5  after December 31, 2000.

  6         Section 2.  (1)  Section 199.032, Florida Statutes, is

  7  amended to read:

  8         199.032  Levy of annual tax.--An annual tax of 1 mill

  9  1.5 mills is imposed on each dollar of the just valuation of

10  all intangible personal property that has a taxable situs in

11  this state, except for notes and other obligations for the

12  payment of money, other than bonds, which are secured by

13  mortgage, deed of trust, or other lien upon real property

14  situated in the state. This tax shall be assessed and

15  collected as provided in this chapter.

16         (2)  This section is effective for tax years beginning

17  after December 31, 2000.

18         Section 3.  (1)  Subsection (1) of section 199.033,

19  Florida Statutes, is amended to read:

20         199.033  Securities in a Florida's Future Investment

21  Fund; tax rate.--

22         (1)  Notwithstanding the provisions of this chapter,

23  the tax imposed under s. 199.032 on securities in a Florida's

24  Future Investment Fund shall apply at the rate of .85 mill

25  1.35 mills when the average daily balance in such funds

26  exceeds $2 billion and at the rate of .70 mill 1.20 mills when

27  the average daily balance in such funds exceeds $5 billion.

28         (2)  This section is effective for tax years beginning

29  after December 31, 2000.

30         Section 4.  (1)  Subsections (5), (6), (9), and (15) of

31  section 199.052, Florida Statutes, are amended to read:

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  1         199.052  Annual tax returns; payment of annual tax.--

  2         (5)  The trustee of a Florida-situs trust is not

  3  primarily responsible for returning the trust's intangible

  4  personal property and is not required to pay any paying the

  5  annual tax on it,.

  6         (a)  A trust has a Florida situs when:

  7         1.  All trustees are residents of the state;

  8         2.  There are three or more trustees sharing equally in

  9  the ownership, management, or control of the trust's

10  intangible property, and the majority of the trustees are

11  residents of this state; or

12         3.  Trustees consist of both residents and nonresidents

13  and management or control of the trust is with a resident

14  trustee.

15         (b)  When trustees consist of both residents and

16  nonresidents and management or control is with a nonresident

17  trustee, the trust does not have Florida situs and no return

18  is necessary by any resident trustee.

19         (c)  A portion of the trust has Florida situs when

20  there are two trustees, one a resident of this state and one a

21  nonresident, and they share equally in the ownership,

22  management, or control of the trust's intangible property. The

23  tax on such property shall be based on the value apportioned

24  between them.

25         (d)  If there is more than one trustee in the state,

26  only one tax return for the trust must be filed.

27         (e)  The trust's beneficiaries, however, may

28  individually return their equitable shares of the trust's

29  intangible personal property and pay the tax on such shares,

30  in which case the trustee need not return such property or pay

31

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  1  such tax, although the department may require the trustee to

  2  file an informational return.

  3         (6)  Each Florida resident with a beneficial interest,

  4  as defined in s. 199.023(7), in a foreign-situs trust, that

  5  is, a trust with situs outside of this state, is primarily

  6  responsible for returning the resident's equitable share of

  7  the trust's intangible personal property and paying the annual

  8  tax on it.  The trustee of a foreign trust may return and pay

  9  the tax on the equitable shares of all Florida residents

10  having beneficial interests, in which case the residents need

11  not return such property or pay such tax.

12         (9)  Where an agent other than a trustee has control or

13  management of intangible personal property, the principal is

14  primarily responsible for returning such property and paying

15  the annual tax on it, but the agent shall return such property

16  on behalf of the principal and pay the annual tax on it if the

17  principal fails to do so.  The department may in any case

18  require the agent to file an informational return.

19         (15)  If a bank or savings association, as defined in

20  s. 220.62, acts as a fiduciary or agent of a trust other than

21  as a trustee, the bank or savings association is not

22  responsible for returning the trust's intangible personal

23  property and is not required to pay any annual tax on it, and

24  intangible personal property of the trust shall not have

25  taxable situs in this state pursuant to s. 199.175 solely by

26  virtue of the management or control of the bank or savings

27  association shall not be used as the basis for imposing any

28  annual tax on any person or any assets of the trust. If a

29  person acts as a fiduciary or agent for purposes of managing

30  intangible assets owned by another person, such intangible

31  assets shall not have a taxable situs in this state pursuant

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  1  to s. 199.175 solely by virtue of the management or control of

  2  such assets by the person who is not the owner of the assets.

  3         (2)  This section is effective for tax years beginning

  4  after December 31, 2000.

  5         Section 5.  (1)  Paragraph (a) of subsection (1) of

  6  section 199.175, Florida Statutes, is amended to read:

  7         199.175  Taxable situs.--For purposes of the annual tax

  8  imposed under this chapter:

  9         (1)  Intangible personal property shall have a taxable

10  situs in this state when it is owned, managed, or controlled

11  by any person domiciled in this state on January 1 of the tax

12  year.  Such intangibles shall be subject to annual taxation

13  under this chapter, unless the person who owns, manages, or

14  controls them is specifically exempt or unless the property is

15  specifically exempt. This provision shall apply regardless of

16  where the evidence of the intangible property is kept; where

17  the intangible is created, approved, or paid; or where

18  business may be conducted from which the intangible arises.

19  The fact that a Florida corporation owns the stock of an

20  out-of-state corporation and manages and controls such

21  corporation from a location in this state shall not operate to

22  give a taxable situs in this state to the intangibles owned by

23  the out-of-state corporation, which intangibles arise out of

24  business transacted outside this state.

25         (a)  For the purposes of this chapter, "any person

26  domiciled in this state" means:

27         1.  Any natural person who is a legal resident of this

28  state;

29         2.  Any bank or financial institution, business,

30  business trust as described in chapter 609, company,

31  corporation, insurance company, partnership, or other

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  1  artificial entity organized or created under the law of this

  2  state, except a trust; or

  3         3.  Any person, including a business trust, who has

  4  established a commercial domicile in this state.

  5         (2)  This section is effective for tax years beginning

  6  after December 31, 2000.

  7         Section 6.  (1)  Subsection (4) is added to section

  8  199.183, Florida Statutes, to read:

  9         199.183  Taxpayers exempt from annual and nonrecurring

10  taxes.--

11         (4)  Intangible personal property that is owned,

12  managed, or controlled by a trustee of a trust is exempt from

13  annual tax under this chapter. This exemption does not exempt

14  from annual tax a resident of this state who has a taxable

15  beneficial interest, as defined in s. 199.023, in a trust.

16         (2)  This section is effective for tax years beginning

17  after December 31, 2000.

18         Section 7.  (1)  Paragraph (l) of subsection (1) and

19  subsection (2) of section 199.185, Florida Statutes, are

20  amended to read:

21         199.185  Property exempted from annual and nonrecurring

22  taxes.--

23         (1)  The following intangible personal property shall

24  be exempt from the annual and nonrecurring taxes imposed by

25  this chapter:

26         (l)  All Two-thirds of the accounts receivable arising

27  or acquired in the ordinary course of a trade or business

28  which are owned, controlled, or managed by a taxpayer on

29  January 1, 2000, and thereafter. It is the intent of the

30  Legislature that, pursuant to future legislative action, the

31  portion of such accounts receivable exempt from taxation be

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  1  increased to all such accounts receivable on January 1, 2001,

  2  and thereafter. This exemption does not apply to accounts

  3  receivable that arise outside the taxpayer's ordinary course

  4  of trade or business. For the purposes of this chapter, the

  5  term "accounts receivable" means a business debt that is owed

  6  by another to the taxpayer or the taxpayer's assignee in the

  7  ordinary course of trade or business and is not supported by

  8  negotiable instruments. Accounts receivable include, but are

  9  not limited to, credit card receivables, charge card

10  receivables, credit receivables, margin receivables, inventory

11  or other floor plan financing, lease payments past due,

12  conditional sales contracts, retail installment sales

13  agreements, financing lease contracts, and a claim against a

14  debtor usually arising from sales or services rendered and

15  which is not necessarily due or past due. The examples

16  specified in this paragraph shall be deemed not to be

17  supported by negotiable instruments. The term "negotiable

18  instrument" means a written document that is legally capable

19  of being transferred by indorsement or delivery. The term

20  "indorsement" means the act of a payee or holder in writing

21  his or her name on the back of an instrument without further

22  qualifying words other than "pay to the order of" or "pay to"

23  whereby the property is assigned and transferred to another.

24         (2)(a)  With respect to the first mill of the annual

25  tax, Every natural person is entitled each year to an

26  exemption of the first $20,000 of the value of property

27  otherwise subject to the annual said tax.  A husband and wife

28  filing jointly shall have an exemption of $40,000.

29         (b)  With respect to the last 0.5 mill of the annual

30  tax, every natural person is entitled each year to an

31  exemption of the first $100,000 of the value of property

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  1  otherwise subject to said tax. A husband and wife filing

  2  jointly shall have an exemption of $200,000.

  3

  4  Agents and fiduciaries, other than guardians and custodians

  5  under a gifts-to-minors act, filing as such may not claim this

  6  exemption on behalf of their principals or beneficiaries;

  7  however, if the principal or beneficiary returns the property

  8  held by the agent or fiduciary and is a natural person, the

  9  principal or beneficiary may claim the exemption.  No taxpayer

10  shall be entitled to more than one exemption under this

11  subsection paragraph (a) and one exemption under paragraph

12  (b).  This exemption shall not apply to that intangible

13  personal property described in s. 199.023(1)(d).

14         (2)  This section is effective for tax years beginning

15  after December 31, 2000.

16         Section 8.  Subsection (3) of section 199.292, Florida

17  Statutes, is amended to read:

18         199.292  Disposition of intangible personal property

19  taxes.--All intangible personal property taxes collected

20  pursuant to this chapter shall be placed in a special fund

21  designated as the "Intangible Tax Trust Fund." The fund shall

22  be disbursed as follows:

23         (3)  Of the remaining intangible personal property

24  taxes collected, the balance an amount equal to 35.3 percent

25  in state fiscal year 1998-1999 and an amount equal to 37.7

26  percent in each year thereafter, shall be transferred to the

27  Revenue Sharing Trust Fund for Counties. Of the remaining

28  taxes collected, an amount equal to 64.7 percent in state

29  fiscal year 1998-1999 and an amount equal to 62.3 percent in

30  each year thereafter, shall be transferred to the General

31  Revenue Fund of the state.

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  1         Section 9.  Paragraph (f) of subsection (6) of section

  2  212.20, Florida Statutes, is amended to read:

  3         212.20  Funds collected, disposition; additional powers

  4  of department; operational expense; refund of taxes

  5  adjudicated unconstitutionally collected.--

  6         (6)  Distribution of all proceeds under this chapter

  7  shall be as follows:

  8         (f)  The proceeds of all other taxes and fees imposed

  9  pursuant to this chapter shall be distributed as follows:

10         1.  In any fiscal year, the greater of $500 million,

11  minus an amount equal to 4.6 percent of the proceeds of the

12  taxes collected pursuant to chapter 201, or 5 percent of all

13  other taxes and fees imposed pursuant to this chapter shall be

14  deposited in monthly installments into the General Revenue

15  Fund.

16         2.  Two-tenths of one percent shall be transferred to

17  the Solid Waste Management Trust Fund.

18         3.  After the distribution under subparagraphs 1. and

19  2., 9.653 percent of the amount remitted by a sales tax dealer

20  located within a participating county pursuant to s. 218.61

21  shall be transferred into the Local Government Half-cent Sales

22  Tax Clearing Trust Fund.

23         4.  After the distribution under subparagraphs 1., 2.,

24  and 3., 0.065 0.054 percent shall be transferred to the Local

25  Government Half-cent Sales Tax Clearing Trust Fund and

26  distributed pursuant to s. 218.65.

27         5.  For proceeds received after July 1, 2000, and after

28  the distributions under subparagraphs 1., 2., 3., and 4., 2.25

29  percent of the available proceeds pursuant to this paragraph

30  shall be transferred monthly to the Revenue Sharing Trust Fund

31  for Counties pursuant to s. 218.215.

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  1         6.5.  Of the remaining proceeds:

  2         a.  Beginning July 1, 1992, $166,667 shall be

  3  distributed monthly by the department to each applicant that

  4  has been certified as a "facility for a new professional

  5  sports franchise" or a "facility for a retained professional

  6  sports franchise" pursuant to s. 288.1162 and $41,667 shall be

  7  distributed monthly by the department to each applicant that

  8  has been certified as a "new spring training franchise

  9  facility" pursuant to s. 288.1162. Distributions shall begin

10  60 days following such certification and shall continue for 30

11  years. Nothing contained herein shall be construed to allow an

12  applicant certified pursuant to s. 288.1162 to receive more in

13  distributions than actually expended by the applicant for the

14  public purposes provided for in s. 288.1162(7). However, a

15  certified applicant shall receive distributions up to the

16  maximum amount allowable and undistributed under this section

17  for additional renovations and improvements to the facility

18  for the franchise without additional certification.

19         b.  Beginning 30 days after notice by the Office of

20  Tourism, Trade, and Economic Development to the Department of

21  Revenue that an applicant has been certified as the

22  professional golf hall of fame pursuant to s. 288.1168 and is

23  open to the public, $166,667 shall be distributed monthly, for

24  up to 300 months, to the applicant.

25         c.  Beginning 30 days after notice by the Department of

26  Commerce to the Department of Revenue that the applicant has

27  been certified as the International Game Fish Association

28  World Center facility pursuant to s. 288.1169, and the

29  facility is open to the public, $83,333 shall be distributed

30  monthly, for up to 180 months, to the applicant.  This

31  distribution is subject to reduction pursuant to s. 288.1169.

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  1         7.6.  All other proceeds shall remain with the General

  2  Revenue Fund.

  3         Section 10.  Section 218.23, Florida Statutes, is

  4  amended to read:

  5         218.23  Revenue sharing with units of local

  6  government.--

  7         (1)  To be eligible to participate in revenue sharing

  8  beyond the minimum entitlement in any fiscal year, a unit of

  9  local government is required to have:

10         (a)  Reported its finances for its most recently

11  completed fiscal year to the Department of Banking and

12  Finance, pursuant to s. 218.32.

13         (b)  Made provisions for annual postaudits of its

14  financial accounts in accordance with provisions of law.

15         (c)  Levied, as shown on its most recent financial

16  report pursuant to s. 218.32, ad valorem taxes, exclusive of

17  taxes levied for debt service or other special millages

18  authorized by the voters, to produce the revenue equivalent to

19  a millage rate of 3 mills on the dollar based on the 1973

20  taxable values as certified by the property appraiser pursuant

21  to s. 193.122(2) or, in order to produce revenue equivalent to

22  that which would otherwise be produced by such 3-mill ad

23  valorem tax, to have received a remittance from the county

24  pursuant to s. 125.01(6)(a), collected an occupational license

25  tax or a utility tax, levied an ad valorem tax, or received

26  revenue from any combination of these four sources.  If a new

27  municipality is incorporated, the provisions of this paragraph

28  shall apply to the taxable values for the year of

29  incorporation as certified by the property appraiser. This

30  paragraph requires only a minimum amount of revenue to be

31  raised from the ad valorem tax, the occupational license tax,

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  1  and the utility tax.  It does not require a minimum millage

  2  rate.

  3         (d)  Certified that persons in its employ as law

  4  enforcement officers, as defined in s. 943.10(1), meet the

  5  qualifications for employment as established by the Criminal

  6  Justice Standards and Training Commission; that its salary

  7  structure and salary plans meet the provisions of chapter 943;

  8  and that no law enforcement officer is compensated for his or

  9  her services at an annual salary rate of less than $6,000.

10  However, the department may waive the minimum law enforcement

11  officer salary requirement if a city or county certifies that

12  it is levying ad valorem taxes at 10 mills.

13         (e)  Certified that persons in its employ as

14  firefighters, as defined in s. 633.30(1), meet the

15  qualification for employment as established by the Division of

16  State Fire Marshal pursuant to the provisions of ss. 633.34

17  and 633.35 and that the provisions of s. 633.382 have been

18  met.

19         (f)  Certified that each dependent special district

20  that is budgeted separately from the general budget of the

21  local governing authority has met the provisions for annual

22  postaudit of its financial accounts in accordance with the

23  provisions of law.

24

25  Additionally, to receive its share of revenue sharing funds, a

26  unit of local government shall certify to the Department of

27  Revenue that the requirements of s. 200.065, if applicable,

28  were met.  The certification shall be made annually within 30

29  days of adoption of an ordinance or resolution establishing a

30  final property tax levy or, if no property tax is levied, not

31  later than November 1.  The portion of revenue sharing funds

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  1  which, pursuant to this part, would otherwise be distributed

  2  to a unit of local government which has not certified

  3  compliance or has otherwise failed to meet the requirements of

  4  s. 200.065 shall be deposited in the General Revenue Fund for

  5  the 12 months following a determination of noncompliance by

  6  the department.

  7         (2)  Any unit of local government which is consolidated

  8  as provided by s. 9, Art. VIII of the State Constitution of

  9  1885, as preserved by s. 6(e), Art. VIII of the 1968 revised

10  constitution, shall receive an annual distribution from the

11  Revenue Sharing Trust Fund for Counties equal to $6.24 times

12  its population.

13         (3)(2)  The distribution to a unit of local government

14  under this part is determined by the following formula:

15         (a)  First, the entitlement of an eligible unit of

16  local government shall be computed on the basis of the

17  apportionment factor provided in s. 218.245, which shall be

18  applied for all eligible units of local government to all

19  receipts available for distribution in the respective revenue

20  sharing trust fund.

21         (b)  Second, revenue shared with eligible units of

22  local government for any fiscal year shall be adjusted so that

23  no eligible unit of local government receives less funds than

24  its guaranteed entitlement.

25         (c)  Third, revenues shared with counties for any

26  fiscal year shall be adjusted so that no county receives less

27  funds than its guaranteed entitlement plus the second

28  guaranteed entitlement for counties.

29         (d)  Fourth, revenue shared with units of local

30  government for any fiscal year shall be adjusted so that no

31

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  1  unit of local government receives less funds than its minimum

  2  entitlement.

  3         (e)  Fifth, after the adjustments provided in

  4  paragraphs (b), (c), and (d), and after deducting the amount

  5  committed to all the units of local government, the funds

  6  remaining in the respective trust funds shall be distributed

  7  to those eligible units of local government which qualify to

  8  receive additional moneys beyond the guaranteed entitlement,

  9  on the basis of the additional money of each qualified unit of

10  local government in proportion to the total additional money

11  of all qualified units of local government.

12         (4)(3)  Notwithstanding the provisions of paragraph

13  (1)(c), no unit of local government which was eligible to

14  participate in revenue sharing in the 3 years prior to

15  initially participating in the local government half-cent

16  sales tax shall be ineligible to participate in revenue

17  sharing solely due to a millage or utility tax reduction

18  afforded by the local government half-cent sales tax.

19         Section 11.  Subsection (3) is added to section 218.25,

20  Florida Statutes, to read:

21         218.25  Limitation of shared funds; holders of bonds

22  protected; limitation on use of second guaranteed entitlement

23  for counties.--

24         (3)  As an additional assurance to holders of bonds

25  issued before April 18, 2000, which are secured by the

26  guaranteed entitlement or second guaranteed entitlement for

27  counties, or bonds issued to refund such bonds which mature no

28  later than the bonds that they refunded and which result in a

29  reduction of debt service payable in each fiscal year, it is

30  the intent of the Legislature that, to the extent the

31  elimination of tax sources dedicated to funding the guaranteed

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  1  entitlement or the second guaranteed entitlement for counties

  2  or a reduction in the rate of assessment of such taxes results

  3  in an inability of a county to pay debt service on such bonds,

  4  the Legislature will provide alternative funding sources in an

  5  amount sufficient to pay any deficit in the amount required

  6  for such debt service. This commitment of the Legislature is

  7  contingent on the county first using any funds available under

  8  this part for the payment of such debt service.

  9         Section 12.  Subsection (6) of section 288.1169,

10  Florida Statutes, is amended to read:

11         288.1169  International Game Fish Association World

12  Center facility; department duties.--

13         (6)  The Department of Commerce must recertify every 10

14  years that the facility is open, that the International Game

15  Fish Association World Center continues to be the only

16  international administrative headquarters, fishing museum, and

17  Hall of Fame in the United States recognized by the

18  International Game Fish Association, and that the project is

19  meeting the minimum projections for attendance or sales tax

20  revenues as required at the time of original certification.

21  If the facility is not recertified during this 10-year review

22  as meeting the minimum projections, then funding will be

23  abated until certification criteria are met.  If the project

24  fails to generate $1 million of annual revenues pursuant to

25  paragraph (2)(e), the distribution of revenues pursuant to s.

26  212.20(6)(f)6.5.c. shall be reduced to an amount equal to

27  $83,333 multiplied by a fraction, the numerator of which is

28  the actual revenues generated and the denominator of which is

29  $1 million.  Such reduction shall remain in effect until

30  revenues generated by the project in a 12-month period equal

31  or exceed $1 million.

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






    Florida House of Representatives - 2000        CS/HBs 67 & 187

    696-172C-00






  1         Section 13.  Section 218.251, Florida Statutes, is

  2  repealed.

  3         Section 14.  This act shall take effect July 1, 2000.

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