| 1 | A bill to be entitled |
| 2 | An act relating to the Florida Aerospace Infrastructure |
| 3 | Investment Trust Fund; creating s. 331.508, F.S.; creating |
| 4 | the Florida Aerospace Infrastructure Investment Trust Fund |
| 5 | within the Office of Tourism, Trade, and Economic |
| 6 | Development; providing for sources and uses of funds; |
| 7 | providing for future review and termination or re-creation |
| 8 | of the fund; providing a contingent effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 331.508, Florida Statutes, is created |
| 13 | to read: |
| 14 | 331.508 Florida Aerospace Infrastructure Trust Fund.-- |
| 15 | (1) The Florida Aerospace Infrastructure Investment Trust |
| 16 | Fund is created within, and shall be administered by, the Office |
| 17 | of Tourism, Trade, and Economic Development. Moneys credited to |
| 18 | the fund shall be all those sales taxes on tangible personal |
| 19 | property, admissions, tours, and leases or licenses of real |
| 20 | property generated by dealers conducting business at the Kennedy |
| 21 | Space Center and the Cape Canaveral Air Force Station pursuant |
| 22 | to ss. 212.04(1)(a), 212.05, and 212.031(1)(a). Funds shall be |
| 23 | used by the Office of Tourism, Trade, and Economic Development |
| 24 | as grants in aid to further the Florida Aerospace Infrastructure |
| 25 | Program of the Florida Aerospace Finance Corporation. |
| 26 | (2) Each dealer shall file a return each month with the |
| 27 | Department of Revenue with segregated tax information regarding |
| 28 | taxes collected on sales, admissions, tours, leases, and |
| 29 | licenses. A copy of the returns must also be filed with the |
| 30 | corporation, Enterprise Florida, Inc., and the Office of |
| 31 | Tourism, Trade, and Economic Development. |
| 32 | (3) In accordance with s. 19(f)(2), Art. III of the State |
| 33 | Constitution, the trust fund shall, unless terminated sooner, be |
| 34 | terminated July 1, 2009. Before its scheduled termination, the |
| 35 | trust fund shall be reviewed as provided in s. 215.3206(1) and |
| 36 | (2). |
| 37 | Section 2. This act shall take effect July 1, 2005, only |
| 38 | if enacted by a three-fifths vote of the membership of each |
| 39 | house of the Legislature and only if HB 1701 or similar |
| 40 | legislation is enacted during the same legislative session or an |
| 41 | extension thereof and becomes law. |