Senate Bill sb2078

    Florida Senate - 2005                                  SB 2078

    By Senator Sebesta





    16-1627-05                                              See HB

  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Florida Aerospace Infrastructure Investment

  4         Trust Fund; providing for uses and sources of

  5         funds; providing for future review and

  6         termination or re-creation of the fund;

  7         providing a contingent effective date.

  8  

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

10  

11         Section 1.  (1)  CREATION.--There is created the

12  Florida Aerospace Infrastructure Investment Trust Fund, which

13  will be established by the Florida Aerospace Finance

14  Corporation, who shall serve as administrator and implement

15  investment decisions for the corporation. This trust fund

16  shall be used by the corporation as a nonlapsing revolving

17  fund for carrying out the purposes of this section. To this

18  trust fund shall be credited all sales tax on tangible

19  personal property and admissions and on the leasing or

20  licensing of real property generated by dealers conducting

21  business at the Kennedy Space Center and the Cape Canaveral

22  Air Force Station pursuant to sections 212.04(1)(a), 212.05,

23  and 212.031(1)(a), Florida Statutes.

24         (2)  FUNDING.--The following requirements apply to the

25  fund:

26         (a)  The Florida Aerospace Infrastructure Investment

27  Trust Fund shall be funded by all sales tax on tangible

28  personal property and admissions and on the leasing or

29  licensing of real property generated by dealers conducting

30  business at the Kennedy Space Center and the Cape Canaveral

31  

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






    Florida Senate - 2005                                  SB 2078
    16-1627-05                                              See HB




 1  Air Force Station pursuant to sections 212.04(1)(a), 212.05,

 2  and 212.031(1)(a), Florida Statutes.

 3         (b)  Every dealer shall file a return each month with

 4  the Department of Revenue with segregated tax information

 5  regarding taxes collected on sales, admissions, tours, leases,

 6  and licenses. A copy of the return must also be filed with the

 7  corporation, Enterprise Florida, Inc., and the Office of

 8  Tourism, Trade, and Economic Development.

 9         (c)  Dealers shall remit all taxes due in a timely

10  manner. The Department of Revenue shall subsequently deposit

11  the proceeds into an investment reserve account established by

12  the corporation.

13         Section 2.  In accordance with Section 19(f)(2),

14  Article III of the State Constitution, the Florida Aerospace

15  Infrastructure Investment Trust Fund shall, unless terminated

16  sooner, be terminated July 1, 2009. Before its scheduled

17  termination, the trust fund shall be reviewed as provided in

18  section 215.3206(1) and (2), Florida Statutes.

19         Section 3.  This act shall take effect on the effective

20  date of Senate Bill _____ or similar legislation, but it shall

21  take effect only if enacted by a three-fifths vote of the

22  membership of each house of the Legislature and if Senate Bill

23  _____ or similar legislation is enacted in the same

24  legislative session or an extension thereof and becomes a law.

25  

26            *****************************************

27                          SENATE SUMMARY

28    Creates the Florida Aerospace Infrastructure Investment
      Trust Fund under the Florida Aerospace Finance
29    Corporation.

30  

31  

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