Senate Bill sb2406

    Florida Senate - 2006        (NP)                      SB 2406

    By Senator Webster





    9-1535A-06

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         220.7015, F.S.; creating the Corporate Income

  4         Tax Trust Fund within the Department of

  5         Revenue; providing for sources of funds and

  6         purposes; providing for future review and

  7         termination or re-creation of the trust fund;

  8         providing an effective date.

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

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12         Section 1.    Section 220.7015, Florida Statutes, is

13  created to read:

14         220.7015  Corporate Income Tax Trust Fund.--

15         (1)  The Corporate Income Tax Trust Fund is created

16  within the Department of Revenue.

17         (2)  The fund is established for use as a depository

18  for funds to be appropriated by the Legislature for any

19  purpose other than education.  Moneys to be credited to the

20  trust fund include revenues collected through the corporate

21  income tax imposed under s. 220.11.

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

23  State Constitution, the Corporate Income Tax Trust Fund shall,

24  unless terminated sooner, be terminated on July 1, 2010.

25  Before its scheduled termination, the trust fund shall be

26  reviewed as provided in s. 215.3206(1) and (2).

27         Section 2.  This act shall take effect July 1, 2006.

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    Florida Senate - 2006        (NP)                      SB 2406
    9-1535A-06




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 2                          SENATE SUMMARY

 3    Creates the Corporate Income Tax Trust Fund within the
      Department of Revenue. Provides for sources of funds and
 4    purposes. Provides for future legislative review and
      termination or re-creation of the trust fund.
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CODING: Words stricken are deletions; words underlined are additions.