| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; amending s. 199.292, F.S.; |
| 3 | transferring governmental leasehold taxes from the |
| 4 | Intangible Tax Trust Fund to the Administrative Trust Fund |
| 5 | within the Department of Revenue; terminating the |
| 6 | Intangible Tax Trust Fund; providing for disposition of |
| 7 | balances in and revenues of the terminated trust fund; |
| 8 | prescribing procedures for the termination of the trust |
| 9 | fund; providing an effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
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| 13 | Section 1. Section 199.292, Florida Statutes, is amended |
| 14 | to read: |
| 15 | 199.292 Disposition of intangible personal property |
| 16 | taxes.--All intangible personal property taxes collected |
| 17 | pursuant to this chapter shall be placed in a special fund |
| 18 | designated as the Administrative "Intangible Tax Trust Fund." |
| 19 | within the Department of Revenue and The fund shall be disbursed |
| 20 | as follows: |
| 21 | (1) Revenues derived from the annual tax on a leasehold |
| 22 | described in s. 199.023(1)(d) shall be returned to the local |
| 23 | school board for the county in which the property subject to the |
| 24 | leasehold is situated. |
| 25 | (2) There is hereby appropriated annually out of the fund |
| 26 | the amount necessary for the effective and efficient |
| 27 | administration and enforcement by the department of the |
| 28 | provisions of chapters 192, 193, 194, 195, 196, 197, and 198 and |
| 29 | this chapter. |
| 30 | (2)(3) Of the remaining intangible personal property taxes |
| 31 | collected, the balance shall be transferred to the General |
| 32 | Revenue Fund of the state. |
| 33 | Section 2. (1) The Intangible Tax Trust Fund within the |
| 34 | Department of Revenue, FLAIR number 73-2-399, is hereby |
| 35 | terminated. |
| 36 | (2) Except as provided in this section, all current |
| 37 | balances remaining in, and all revenues of the Intangible Tax |
| 38 | Trust Fund shall be transferred to the General Revenue Fund. |
| 39 | (3) The Department of Revenue shall pay any outstanding |
| 40 | debts and obligations of the Intangible Tax Trust Fund as soon |
| 41 | as practicable and the Chief Financial Officer shall close out |
| 42 | and remove the Intangible Tax Trust Fund from the various state |
| 43 | accounting systems using generally accepted accounting |
| 44 | principles concerning warrants outstanding, assets, and |
| 45 | liabilities. |
| 46 | Section 3. This act shall take effect upon becoming a law. |