Senate Bill sb2382c1

    Florida Senate - 2007                           CS for SB 2382

    By the Committee on Finance and Tax; and Senator Webster





    593-2624-07

  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 use and purposes of the

  6         fund; providing for sources of funds; providing

  7         for future review and termination or

  8         re-creation of the trust fund; providing a

  9         contingent effective date.

10  

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

12  

13         Section 1.  Section 220.7015, Florida Statutes, is

14  created to read:

15         220.7015  Corporate Income Tax Trust Fund.--

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

17  within the Department of Revenue.

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

19  for funds to be appropriated by the Legislature for any

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

21  trust fund include revenues collected through the corporate

22  income tax imposed under s. 220.11.

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

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

25  unless terminated sooner, be terminated on July 1, 2011.

26  Before its scheduled termination, the trust fund shall be

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

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

29  legislation amending s. 220.701, Florida Statutes, to require

30  that taxes collected under chapter 220, Florida Statutes, be

31  deposited into the Corporate Income Tax Trust Fund, is adopted

                                  1

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






    Florida Senate - 2007                           CS for SB 2382
    593-2624-07




 1  in the same legislative session, or an extension thereof, and

 2  becomes law.

 3  

 4          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 5                             SB 2382

 6                                 

 7  The Committee Substitute deletes a section of the bill that
    designates an unspecified dollar amount to be used to fund the
 8  General Revenue portions of specific appropriations in the
    2007-08 General Appropriations Act.
 9  

10  

11  

12  

13  

14  

15  

16  

17  

18  

19  

20  

21  

22  

23  

24  

25  

26  

27  

28  

29  

30  

31  

                                  2

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