Senate Bill sb2078c1

    Florida Senate - 2005                           CS for SB 2078

    By the Committee on Commerce and Consumer Services; and
    Senators Sebesta and Saunders




    577-2105-05

  1                      A bill to be entitled

  2         An act relating to the Florida Aerospace

  3         Infrastructure Investment Trust Fund; creating

  4         s. 331.508, F.S.; creating the Florida

  5         Aerospace Infrastructure Investment Trust Fund

  6         within the Office of Tourism, Trade, and

  7         Economic Development; providing for sources and

  8         uses of funds; providing for future review and

  9         termination or re-creation of the fund;

10         providing a contingent effective date.

11  

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

13  

14         Section 1.  Section 331.508, Florida Statutes, is

15  created to read:

16         331.508  Florida Aerospace Infrastructure Trust Fund.--

17         (1)  The Florida Aerospace Infrastructure Investment

18  Trust Fund is created within, and shall be administered by,

19  the Office of Tourism, Trade, and Economic Development. The

20  Department of Revenue shall transfer from the General Revenue

21  Fund to the Florida Aerospace Infrastructure Investment Trust

22  Fund those sales taxes pursuant to Senate Bill 1938 or similar

23  legislation creating the Florida Aerospace Infrastructure

24  Program. The purpose of the trust fund is to facilitate the

25  finance of infrastructure projects under such program.

26         (2)  In accordance with s. 19(f)(2), Art. III of the

27  State Constitution, the trust fund shall, unless terminated

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

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

30  s. 215.3206(1) and (2).

31  

                                  1

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






    Florida Senate - 2005                           CS for SB 2078
    577-2105-05




 1         Section 2.  This act shall take effect July 1, 2005,

 2  only if enacted by a three-fifths vote of the membership of

 3  each house of the Legislature and only if SB 1938 or similar

 4  legislation is enacted during the same legislative session or

 5  an extension thereof and becomes law.

 6  

 7          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 8                         Senate Bill 2078

 9                                 

10  The committee substitute differs from the bill in that it:

11  -    Provides that the trust fund is administered by OTTED;

12  -    Provides that the purpose of the trust fund is to fund
         the Florida Aerospace Infrastructure Program, whose
13       primary goal is to support the growth of the aerospace
         industry;
14  
    -    Authorizes DOR to distribute sales taxes from General
15       Revenue to the trust fund;

16  -    References those sales taxes that will fund the trust
         fund instead of explicitly stating them in the bill; and
17  
    -    Removes language requiring each dealer to file monthly
18       returns to DOR with segregated tax information (this
         provision is transferred to SB 1938).
19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  2

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