Senate Bill sb2406c1

    Florida Senate - 2006                           CS for SB 2406

    By the Committee on Education; and Senator Webster





    581-2399-06

  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 a contingent 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, if

28  Senate Bill 2234, or similar legislation amending section

29  220.701, Florida Statutes, to require that taxes collected

30  under chapter 220, Florida Statutes, be deposited into the

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






    Florida Senate - 2006                           CS for SB 2406
    581-2399-06




 1  Corporate Income Tax Trust Fund, is adopted in the same

 2  legislative session, or an extension thereof, and becomes law.

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 4          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 5                         Senate Bill 2406

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 7  The committee substitute provides that the effective date is
    contingent upon the enactment of Senate Bill 2234, or similar
 8  legislation amending section 220.701, F.S., to require taxes
    collected under chapter 220, F.S., to be deposited into the
 9  Corporate Income Tax Trust Fund, in the same legislative
    session, or an extension thereof.
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CODING: Words stricken are deletions; words underlined are additions.