| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating the Space |
| 3 | Business Investment and Financial Services Trust Fund |
| 4 | within the Office of Tourism, Trade, and Economic |
| 5 | Development in the Executive Office of the Governor; |
| 6 | providing the purpose of the fund; providing sources of |
| 7 | funds; providing uses for the fund; providing for the |
| 8 | balance in the trust fund to be carried forward at the end |
| 9 | of each fiscal year; providing for future review and |
| 10 | termination or re-creation of the trust fund; providing a |
| 11 | contingent 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. Space Business Investment and Financial |
| 16 | Services Trust Fund.- |
| 17 | (1) The Space Business Investment and Financial Services |
| 18 | Trust Fund is created within the Office of Tourism, Trade, and |
| 19 | Economic Development in the Executive Office of the Governor. |
| 20 | (2) The Space Business Investment and Financial Services |
| 21 | Trust Fund shall be used exclusively to provide investment and |
| 22 | financial services to new, expanding, and relocating space |
| 23 | businesses, programs, and projects within this state pursuant to |
| 24 | s. 331.370, Florida Statutes. The trust fund may not be used for |
| 25 | personnel, administrative, or overhead expenses of Space |
| 26 | Florida. |
| 27 | (3) The Space Business Investment and Financial Services |
| 28 | Trust Fund shall be funded by all state sales tax on tangible |
| 29 | personal property and admissions, and on leasing or licensing of |
| 30 | real property, generated by dealers conducting business at the |
| 31 | Kennedy Space Center and the Cape Canaveral Air Force Station |
| 32 | pursuant to ss. 212.031(1)(a), 212.04(1)(a), and 212.05, Florida |
| 33 | Statutes. Each dealer must file a monthly return with the |
| 34 | Department of Revenue with segregated tax information regarding |
| 35 | taxes collected on sales, admissions, tours, leases, and |
| 36 | licenses. The Department of Revenue shall deposit the proceeds |
| 37 | into the Space Business Investment and Financial Services Trust |
| 38 | Fund. |
| 39 | (4) Notwithstanding s. 216.301, Florida Statutes, and |
| 40 | pursuant to s. 216.351, Florida Statutes, any balance in the |
| 41 | trust fund at the end of any fiscal year shall remain in the |
| 42 | trust fund and be available for carrying out the purposes of the |
| 43 | trust fund. |
| 44 | (5) In accordance with s. 19(f)(2), Art. III of the State |
| 45 | Constitution, the Space Business Investment and Financial |
| 46 | Services Trust Fund shall, unless terminated sooner, be |
| 47 | terminated on July 1, 2014. Before its scheduled termination, |
| 48 | the trust fund shall be reviewed as provided in s. 215.3206(1) |
| 49 | and (2), Florida Statutes. |
| 50 | Section 2. This act shall take effect July 1, 2010, if HB |
| 51 | 1389 or similar legislation is adopted in the same legislative |
| 52 | session or an extension thereof and becomes law, but this act |
| 53 | shall not take effect unless it is enacted by a three-fifths |
| 54 | vote of the membership of each house of the Legislature. |