| 1 | A bill to be entitled |
| 2 | An act relating to industrial development authorities; |
| 3 | amending s. 159.50, F.S.; deleting a provision that |
| 4 | specifies application of taxation or assessments by an |
| 5 | authority of certain leasehold interests of a lessee in |
| 6 | certain property; providing an effective date. |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
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| 10 | Section 1. Section 159.50, Florida Statutes, is amended to |
| 11 | read: |
| 12 | 159.50 Tax exemption.--The exercise of the powers granted |
| 13 | by ss. 159.44-159.53 in all respects will be for the benefit of |
| 14 | the people of the state, for the increase of their industry and |
| 15 | prosperity and the improvement of their health and living |
| 16 | conditions, and for the provision of gainful employment and will |
| 17 | constitute the performance of essential public functions, and |
| 18 | the authority shall not be required to pay any taxes on any |
| 19 | project or any other property owned by the authority under the |
| 20 | provisions of ss. 159.44-159.53 or upon the income therefrom. |
| 21 | The bonds issued under the provisions of ss. 159.44-159.53, |
| 22 | their transfer, and the income therefrom (including any profit |
| 23 | made on the sale thereof), and all notes, mortgages, security |
| 24 | agreements, letters of credit, or other instruments which arise |
| 25 | out of or are given to secure the repayment of bonds issued in |
| 26 | connection with any project financed under this part, shall at |
| 27 | all times be free from taxation by the state or any local unit |
| 28 | or political subdivision or other instrumentality of the state. |
| 29 | Nothing in this section, however, shall be construed as |
| 30 | exempting from taxation or assessments the leasehold interest of |
| 31 | any lessee in any project or any other property or interest |
| 32 | owned by any lessee. The exemption granted by this section shall |
| 33 | not be applicable to any tax imposed by chapter 220 on interest, |
| 34 | income, or profits on debt obligations owned by corporations. |
| 35 | Section 2. This act shall take effect July 1, 2009. |