Senate Bill sb0238

    Florida Senate - 2006        (Corrected Copy)           SB 238

    By Senator Saunders





    37-58A-06

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         331.508, F.S.; creating the Florida Aerospace

  4         Infrastructure Investment Trust Fund; providing

  5         for uses and sources of funds; providing for

  6         future review and termination or re-creation of

  7         the fund; providing a contingent effective

  8         date.

  9  

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

11  

12         Section 1.  Section 331.508, Florida Statutes, is

13  created to read:

14         331.508  Florida Aerospace Infrastructure Investment

15  Trust Fund.--

16         (1)  There is created the Florida Aerospace

17  Infrastructure Investment Trust Fund, which will be

18  established by the Florida Aerospace Finance Corporation. The

19  corporation shall serve as administrator and shall implement

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

21  corporation as a nonlapsing revolving fund to carry out the

22  purposes of this section. All sales tax specified in

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

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

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

26  personal property and admissions and on the leasing or

27  licensing of real property generated by dealers conducting

28  business at the Kennedy Space Center and the Cape Canaveral

29  Air Force Station pursuant to ss. 212.04(1)(a), 212.05, and

30  212.031(1)(a).

31         (b)  Each dealer must:

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






    Florida Senate - 2006        (Corrected Copy)           SB 238
    37-58A-06




 1         1.  File a monthly return with the Department of

 2  Revenue which provides segregated tax information regarding

 3  taxes collected on sales, admissions, tours, leases, and

 4  licenses. Copies of each return must also be filed with the

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

 6  Tourism, Trade, and Economic Development.

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

 8  Department of Revenue shall deposit the proceeds into an

 9  investment reserve account established by the corporation.

10         Section 2.  In accordance with s. 19(f)(2), Art. III of

11  the State Constitution, the trust fund must, unless terminated

12  sooner, be terminated on July 1, 2010. Before its scheduled

13  termination, the trust fund must be reviewed as provided in s.

14  215.3206(1) and (2), Florida Statutes.

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

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

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

18  the membership of each house of the Legislature and unless

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

20  

21            *****************************************

22                          SENATE SUMMARY

23    Creates the Florida Aerospace Infrastructure Investment
      Trust Fund. Provides for uses and sources of funds.
24    Provides for future review and termination or re-creation
      of the fund.
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CODING: Words stricken are deletions; words underlined are additions.