1 | A bill to be entitled |
2 | An act relating to trust funds; creating s. 220.7015, |
3 | F.S.; creating the Corporate Income Tax Trust Fund within |
4 | the Department of Revenue; providing for use and purposes |
5 | of the fund; providing for sources of funds; providing for |
6 | future review and termination or re-creation of the trust |
7 | fund; providing a contingent effective date. |
8 |
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9 | Be It Enacted by the Legislature of the State of Florida: |
10 |
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11 | Section 1. Section 220.7015, Florida Statutes, is created |
12 | to read: |
13 | 220.7015 Corporate Income Tax Trust Fund.-- |
14 | (1) The Corporate Income Tax Trust Fund is created within |
15 | the Department of Revenue. |
16 | (2) The fund is established for use as a depository for |
17 | funds to be appropriated by the Legislature for any purpose |
18 | other than education. Moneys to be credited to the trust fund |
19 | include revenues collected through the corporate income tax |
20 | imposed under s. 220.11. |
21 | (3) In accordance with s. 19(f)(2), Art. III of the State |
22 | Constitution, the Corporate Income Tax Trust Fund shall, unless |
23 | terminated sooner, be terminated on July 1, 2011. Before its |
24 | scheduled termination, the trust fund shall be reviewed as |
25 | provided in s. 215.3206(1) and (2). |
26 | Section 2. This act shall take effect July 1, 2007, if |
27 | legislation amending s. 220.701, Florida Statutes, to require |
28 | that taxes collected under chapter 220, Florida Statutes, be |
29 | deposited into the Corporate Income Tax Trust Fund, is adopted |
30 | in the same legislative session, or an extension thereof, and |
31 | becomes law. |