Florida Senate - 2009                                    SB 1966
       
       
       
       By Senator Bennett
       
       
       
       
       21-01389-09                                           20091966__
    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         prohibits any exemption from taxation or assessments
    5         on the leasehold interest of a lessee with respect to
    6         any project financed by an authority or any other
    7         property or interest owned by certain lessees;
    8         providing an effective date.
    9         
   10  Be It Enacted by the Legislature of the State of Florida:
   11         
   12         Section 1. Section 159.50, Florida Statutes, is amended to
   13  read:
   14         159.50 Tax exemption.—The exercise of the powers granted by
   15  ss. 159.44-159.53 in all respects will be for the benefit of the
   16  people of the state, for the increase of their industry and
   17  prosperity and the improvement of their health and living
   18  conditions, and for the provision of gainful employment and will
   19  constitute the performance of essential public functions, and
   20  the authority shall not be required to pay any taxes on any
   21  project or any other property owned by the authority under the
   22  provisions of ss. 159.44-159.53 or upon the income therefrom.
   23  The bonds issued under the provisions of ss. 159.44-159.53,
   24  their transfer, and the income therefrom (including any profit
   25  made on the sale thereof), and all notes, mortgages, security
   26  agreements, letters of credit, or other instruments which arise
   27  out of or are given to secure the repayment of bonds issued in
   28  connection with any project financed under this part, shall at
   29  all times be free from taxation by the state or any local unit
   30  or political subdivision or other instrumentality of the state.
   31  Nothing in this section, however, shall be construed as
   32  exempting from taxation or assessments the leasehold interest of
   33  any lessee in any project or any other property or interest
   34  owned by any lessee. The exemption granted by this section shall
   35  not be applicable to any tax imposed by chapter 220 on interest,
   36  income, or profits on debt obligations owned by corporations.
   37         Section 2. This act shall take effect July 1, 2009.