Senate Bill sb0180

    Florida Senate - 2007                                   SB 180

    By Senator Geller





    31-240-07

  1                      A bill to be entitled

  2         An act relating to the distribution of proceeds

  3         from the excise tax; amending s. 201.15, F.S.;

  4         removing a limitation on the amount of such

  5         proceeds which may be deposited into the State

  6         Housing Trust Fund on or after a specified

  7         date; providing an effective date.

  8  

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

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11         Section 1.  Subsections (9), (10), (15), and (17) of

12  section 201.15, Florida Statutes, as amended by section 1 of

13  chapter 2005-92 and section 22 of chapter 2006-1, Laws of

14  Florida, are amended to read:

15         201.15  Distribution of taxes collected.--All taxes

16  collected under this chapter shall be distributed as follows

17  and shall be subject to the service charge imposed in s.

18  215.20(1), except that such service charge shall not be levied

19  against any portion of taxes pledged to debt service on bonds

20  to the extent that the amount of the service charge is

21  required to pay any amounts relating to the bonds:

22         (9)  The lesser of Seven and fifty-three hundredths

23  percent of the remaining taxes collected under this chapter or

24  $107 million in each fiscal year shall be paid into the State

25  Treasury to the credit of the State Housing Trust Fund and

26  shall be used as follows:

27         (a)  Half of that amount shall be used for the purposes

28  for which the State Housing Trust Fund was created and exists

29  by law.

30         (b)  Half of that amount shall be paid into the State

31  Treasury to the credit of the Local Government Housing Trust

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    Florida Senate - 2007                                   SB 180
    31-240-07




 1  Fund and shall be used for the purposes for which the Local

 2  Government Housing Trust Fund was created and exists by law.

 3         (10)  The lesser of Eight and sixty-six hundredths

 4  percent of the remaining taxes collected under this chapter or

 5  $136 million in each fiscal year shall be paid into the State

 6  Treasury to the credit of the State Housing Trust Fund and

 7  shall be used as follows:

 8         (a)  Twelve and one-half percent of that amount shall

 9  be deposited into the State Housing Trust Fund and be expended

10  by the Department of Community Affairs and by the Florida

11  Housing Finance Corporation for the purposes for which the

12  State Housing Trust Fund was created and exists by law.

13         (b)  Eighty-seven and one-half percent of that amount

14  shall be distributed to the Local Government Housing Trust

15  Fund and shall be used for the purposes for which the Local

16  Government Housing Trust Fund was created and exists by law.

17  Funds from this category may also be used to provide for state

18  and local services to assist the homeless.

19         (15)  Beginning July 1, 2008, in each fiscal year that

20  the remaining taxes collected under this chapter exceed such

21  collections in the prior fiscal year, the stated maximum

22  dollar amounts provided in subsections (2), (4), (6), and (7),

23  (9), and (10) shall each be increased by an amount equal to 10

24  percent of the increase in the remaining taxes collected under

25  this chapter multiplied by the applicable percentage provided

26  in those subsections.

27         (17)  Distributions to the State Housing Trust Fund

28  pursuant to subsections (9) and (10) shall be sufficient to

29  cover amounts required to be transferred to the Florida

30  Affordable Housing Guarantee Program's annual debt service

31  reserve and guarantee fund pursuant to s. 420.5092(6)(a) and

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    Florida Senate - 2007                                   SB 180
    31-240-07




 1  (b) up to but not exceeding the amount required to be

 2  transferred to such reserve and fund based on the percentage

 3  distribution of documentary stamp tax revenues to the State

 4  Housing Trust Fund which is in effect in the 2004-2005 fiscal

 5  year.

 6         Section 2.  This act shall take effect July 1, 2007.

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 8            *****************************************

 9                          SENATE SUMMARY

10    Repeals the cap on the dollar amount of proceeds from the
      excise tax on documents which are to be deposited into
11    the State Housing Trust Fund, which cap under current law
      would take effect July 1, 2007.
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CODING: Words stricken are deletions; words underlined are additions.