| 1 | A bill to be entitled |
| 2 | An act relating to distribution of the proceeds of the |
| 3 | excise tax on documents; amending s. 201.15, F.S.; |
| 4 | revising, as of a specified fiscal year, distribution of a |
| 5 | portion of the proceeds of the excise tax on documents to |
| 6 | the Land Acquisition Trust Fund to provide for debt |
| 7 | service obligations funded through the trust fund with |
| 8 | respect to bonds issued before a specified date, to |
| 9 | allocate a specified amount to the General Revenue Fund |
| 10 | each fiscal year, and to retain allocation of the |
| 11 | remainder to the trust fund; providing an effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. Subsection (3) of section 201.15, Florida |
| 16 | Statutes, is amended to read: |
| 17 | 201.15 Distribution of taxes collected.--All taxes |
| 18 | collected under this chapter are subject to the service charge |
| 19 | imposed in s. 215.20(1). Prior to distribution under this |
| 20 | section, the Department of Revenue shall deduct amounts |
| 21 | necessary to pay the costs of the collection and enforcement of |
| 22 | the tax levied by this chapter. Such costs and the service |
| 23 | charge may not be levied against any portion of taxes pledged to |
| 24 | debt service on bonds to the extent that the costs and service |
| 25 | charge are required to pay any amounts relating to the bonds. |
| 26 | All taxes remaining after deduction of costs and the service |
| 27 | charge shall be distributed as follows: |
| 28 | (3)(a) Through the 2008-2009 fiscal year, the lesser of |
| 29 | 1.94 percent of the remaining taxes collected under this chapter |
| 30 | or $26 million in each fiscal year shall be paid into the State |
| 31 | Treasury to the credit of the Land Acquisition Trust Fund. |
| 32 | (b) Beginning with the 2009-2010 fiscal year, the lesser |
| 33 | of 1.94 percent of the remaining taxes collected under this |
| 34 | chapter or $26 million in each fiscal year shall be distributed |
| 35 | in the following order: |
| 36 | 1. Amounts necessary to pay debt service or to fund debt |
| 37 | service reserve funds, rebate obligations, or other amounts |
| 38 | payable with respect to bonds issued before February 1, 2009, |
| 39 | pursuant to this subsection shall be paid into the State |
| 40 | Treasury to the credit of the Land Acquisition Trust Fund. |
| 41 | 2. Eleven million dollars shall be paid into the State |
| 42 | Treasury to the credit of the General Revenue Fund. |
| 43 | 3. The remainder shall be paid into the State Treasury to |
| 44 | the credit of the Land Acquisition Trust Fund. |
| 45 | (c) Moneys deposited in the Land Acquisition Trust Fund |
| 46 | pursuant to this subsection section shall be used to acquire |
| 47 | coastal lands or to pay debt service on bonds issued to acquire |
| 48 | coastal lands and to develop and manage lands acquired with |
| 49 | moneys from the Land Acquisition trust fund. |
| 50 | Section 2. This act shall take effect upon becoming a law. |