Senate Bill sb2206

    Florida Senate - 2005                                  SB 2206

    By Senator Saunders





    37-1505-05

  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)  There is created the Florida Aerospace

12  Infrastructure Investment Trust Fund, which will be

13  established by the Florida Aerospace Finance Corporation. The

14  corporation shall serve as administrator and shall implement

15  investment decisions. The trust fund shall be used by the

16  corporation as a non-lapsing revolving fund to carry out the

17  purposes of this section. All sales tax specified in

18  subsection (2) shall be credited to the fund.

19         (2)(a)  The Florida Aerospace Infrastructure Investment

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

21  personal property and admissions and on the leasing or

22  licensing of real property generated by dealers conducting

23  business at the Kennedy Space Center and the Cape Canaveral

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

25  and 212.031(1)(a), Florida Statutes;

26         (b)  Each dealer must:

27         1.  File a monthly return with the Department of

28  Revenue with segregated tax information regarding taxes

29  collected on sales, admissions, tours, leases, and licenses.

30  Copies of each return must also be filed with the corporation,

31  

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






    Florida Senate - 2005                                  SB 2206
    37-1505-05




 1  Enterprise Florida, Inc., and the Office of Tourism, Trade,

 2  and Economic Development.

 3         2.  Remit all taxes due in a timely manner. The

 4  Department of Revenue shall deposit the proceeds into an

 5  investment reserve account established by the corporation.

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

 7  Article III of the State Constitution, the trust fund must,

 8  unless terminated sooner, be terminated on July 1, 2009.

 9  Before its scheduled termination, the trust fund must be

10  reviewed as provided in section 215.3206(1) and (2), Florida

11  Statutes.

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

13  date of Senate Bill ____, or similar legislation, but it shall

14  not take effect unless it is enacted by a three-fifths vote of

15  the membership of each house of the Legislature and unless

16  Senate Bill ____, or similar legislation, becomes a law.

17  

18            *****************************************

19                          SENATE SUMMARY

20    Creates the Florida Aerospace Infrastructure Investment
      Trust Fund and provides for funding and administration of
21    the fund.

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