Senate Bill sb0302

    Florida Senate - 2004                                   SB 302

    By Senator Dockery





    15-559-04

  1                      A bill to be entitled

  2         An act relating to the Florida High-Speed Rail

  3         Authority Act; amending s. 341.840, F.S.;

  4         providing that the tax exemption provided to

  5         the authority does not apply to the income,

  6         sales, or other taxable transactions related to

  7         associated development, as defined by the act;

  8         providing an effective date.

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

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12         Section 1.  Section 341.840, Florida Statutes, is

13  amended to read:

14         341.840  Tax exemption.--The exercise of the powers

15  granted by this act will be in all respects for the benefit of

16  the people of this state, for the increase of their commerce,

17  welfare, and prosperity, and for the improvement of their

18  health and living conditions, and as the design, building,

19  operation, maintenance, and financing of a system by the

20  authority or its agent or the owner or lessee thereof, as

21  herein authorized, constitutes the performance of an essential

22  public function, neither the authority, its agent, nor the

23  owner of such system shall be required to pay any taxes or

24  assessments upon or in respect to the system or any property

25  acquired or used by the authority, its agent, or such owner

26  under the provisions of this act or upon the income therefrom,

27  any security therefor, their transfer, and the income

28  therefrom, including any profit made on the sale thereof,

29  shall at all times be free from taxation of every kind by the

30  state, the counties, and the municipalities and other

31  political subdivisions in the state. However, the tax

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    Florida Senate - 2004                                   SB 302
    15-559-04




 1  exemption provided under this section does not apply to any

 2  associated development or to the income, sales, or other

 3  taxable transactions related to any associated development.

 4         Section 2.  This act shall take effect upon becoming a

 5  law.

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 8                          SENATE SUMMARY

 9    Specifies that the tax exemption provided to the Florida
      High-Speed Rail Authority does not apply to the income,
10    sales, or other transactions related to associated
      development.
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