HB 5115A

1
A bill to be entitled
2An act relating to distribution of the proceeds of the
3excise tax on documents; amending s. 201.15, F.S.;
4revising, as of a specified fiscal year, distribution of a
5portion of the proceeds of the excise tax on documents to
6the Land Acquisition Trust Fund to provide for debt
7service obligations funded through the trust fund with
8respect to bonds issued before a specified date, to
9allocate a specified amount to the General Revenue Fund
10each fiscal year, and to retain allocation of the
11remainder to the trust fund; providing an effective date.
12
13Be It Enacted by the Legislature of the State of Florida:
14
15     Section 1.  Subsection (3) of section 201.15, Florida
16Statutes, is amended to read:
17     201.15  Distribution of taxes collected.--All taxes
18collected under this chapter are subject to the service charge
19imposed in s. 215.20(1). Prior to distribution under this
20section, the Department of Revenue shall deduct amounts
21necessary to pay the costs of the collection and enforcement of
22the tax levied by this chapter. Such costs and the service
23charge may not be levied against any portion of taxes pledged to
24debt service on bonds to the extent that the costs and service
25charge are required to pay any amounts relating to the bonds.
26All taxes remaining after deduction of costs and the service
27charge shall be distributed as follows:
28     (3)(a)  Through the 2008-2009 fiscal year, the lesser of
291.94 percent of the remaining taxes collected under this chapter
30or $26 million in each fiscal year shall be paid into the State
31Treasury to the credit of the Land Acquisition Trust Fund.
32     (b)  Beginning with the 2009-2010 fiscal year, the lesser
33of 1.94 percent of the remaining taxes collected under this
34chapter or $26 million in each fiscal year shall be distributed
35in the following order:
36     1.  Amounts necessary to pay debt service or to fund debt
37service reserve funds, rebate obligations, or other amounts
38payable with respect to bonds issued before February 1, 2009,
39pursuant to this subsection shall be paid into the State
40Treasury to the credit of the Land Acquisition Trust Fund.
41     2.  Eleven million dollars shall be paid into the State
42Treasury to the credit of the General Revenue Fund.
43     3.  The remainder shall be paid into the State Treasury to
44the credit of the Land Acquisition Trust Fund.
45     (c)  Moneys deposited in the Land Acquisition Trust Fund
46pursuant to this subsection section shall be used to acquire
47coastal lands or to pay debt service on bonds issued to acquire
48coastal lands and to develop and manage lands acquired with
49moneys from the Land Acquisition trust fund.
50     Section 2.  This act shall take effect upon becoming a law.


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