Florida Senate - 2021                                    SB 2512
       
       
        
       By the Committee on Appropriations
       
       
       
       
       
       576-03658-21                                          20212512__
    1                        A bill to be entitled                      
    2         An act relating to documentary stamp tax
    3         distributions; amending s. 201.15, F.S.; revising and
    4         deleting distributions of the documentary stamp tax;
    5         providing that specified distributions may not be
    6         transferred to the General Revenue Fund; amending s.
    7         403.890, F.S.; revising the purposes for which
    8         distributions may be made from the Water Protection
    9         and Sustainability Program Trust Fund; reenacting ss.
   10         201.0205, 339.55(9), 420.5092(5) and (6), and
   11         420.9073(1), (2), and (3), F.S., relating to counties
   12         that have implemented chapter 83-220, Laws of Florida,
   13         the state-funded infrastructure bank, the Florida
   14         Affordable Housing Guarantee Program, and local
   15         housing distributions, respectively, to incorporate
   16         the amendments made to s. 201.15, F.S., in references
   17         thereto; providing a contingent effective date.
   18          
   19  Be It Enacted by the Legislature of the State of Florida:
   20  
   21         Section 1. Subsections (4) and (5) of section 201.15,
   22  Florida Statutes, are amended to read:
   23         201.15 Distribution of taxes collected.—All taxes collected
   24  under this chapter are hereby pledged and shall be first made
   25  available to make payments when due on bonds issued pursuant to
   26  s. 215.618 or s. 215.619, or any other bonds authorized to be
   27  issued on a parity basis with such bonds. Such pledge and
   28  availability for the payment of these bonds shall have priority
   29  over any requirement for the payment of service charges or costs
   30  of collection and enforcement under this section. All taxes
   31  collected under this chapter, except taxes distributed to the
   32  Land Acquisition Trust Fund pursuant to subsections (1) and (2),
   33  are subject to the service charge imposed in s. 215.20(1).
   34  Before distribution pursuant to this section, the Department of
   35  Revenue shall deduct amounts necessary to pay the costs of the
   36  collection and enforcement of the tax levied by this chapter.
   37  The costs and service charge may not be levied against any
   38  portion of taxes pledged to debt service on bonds to the extent
   39  that the costs and service charge are required to pay any
   40  amounts relating to the bonds. All of the costs of the
   41  collection and enforcement of the tax levied by this chapter and
   42  the service charge shall be available and transferred to the
   43  extent necessary to pay debt service and any other amounts
   44  payable with respect to bonds authorized before January 1, 2017,
   45  secured by revenues distributed pursuant to this section. All
   46  taxes remaining after deduction of costs shall be distributed as
   47  follows:
   48         (4) After the required distributions to the Land
   49  Acquisition Trust Fund pursuant to subsections (1) and (2) and
   50  deduction of the service charge imposed pursuant to s.
   51  215.20(1), the remainder shall be distributed as follows:
   52         (a) The lesser of 20.5453 24.18442 percent of the remainder
   53  or $466.75 million $541.75 million in each fiscal year shall be
   54  paid into the State Treasury to the credit of the State
   55  Transportation Trust Fund. Of such funds, $75 million for each
   56  fiscal year shall be transferred to the General Revenue Fund.
   57  Notwithstanding any other law, the remaining amount credited to
   58  the State Transportation Trust Fund shall be used for:
   59         1. Capital funding for the New Starts Transit Program,
   60  authorized by Title 49, U.S.C. s. 5309 and specified in s.
   61  341.051, in the amount of 10 percent of the funds;
   62         2. The Small County Outreach Program specified in s.
   63  339.2818, in the amount of 10 percent of the funds;
   64         3. The Strategic Intermodal System specified in ss. 339.61,
   65  339.62, 339.63, and 339.64, in the amount of 75 percent of the
   66  funds after deduction of the payments required pursuant to
   67  subparagraphs 1. and 2.; and
   68         4. The Transportation Regional Incentive Program specified
   69  in s. 339.2819, in the amount of 25 percent of the funds after
   70  deduction of the payments required pursuant to subparagraphs 1.
   71  and 2. The first $60 million of the funds allocated pursuant to
   72  this subparagraph shall be allocated annually to the Florida
   73  Rail Enterprise for the purposes established in s. 341.303(5).
   74         (b) The lesser of 0.1456 percent of the remainder or $3.25
   75  million in each fiscal year shall be paid into the State
   76  Treasury to the credit of the Grants and Donations Trust Fund in
   77  the Department of Economic Opportunity to fund technical
   78  assistance to local governments.
   79  
   80  Moneys distributed pursuant to paragraphs (a) and (b) may not be
   81  pledged for debt service unless such pledge is approved by
   82  referendum of the voters.
   83         (c) Three Eleven and twenty-four hundredths percent of the
   84  remainder in each fiscal year shall be paid into the State
   85  Treasury to the credit of the State Housing Trust Fund. Of such
   86  funds, the first $35 million shall be transferred annually,
   87  subject to any distribution required under subsection (5), to
   88  the State Economic Enhancement and Development Trust Fund within
   89  the Department of Economic Opportunity. The funds remainder
   90  shall be used as follows:
   91         1. Half of that amount shall be used for the purposes for
   92  which the State Housing Trust Fund was created and exists by
   93  law.
   94         2. Half of that amount shall be paid into the State
   95  Treasury to the credit of the Local Government Housing Trust
   96  Fund and used for the purposes for which the Local Government
   97  Housing Trust Fund was created and exists by law.
   98         (d) An amount equaling 3.84519 Twelve and ninety-three
   99  hundredths percent of the remainder in each fiscal year shall be
  100  paid into the State Treasury to the credit of the State Housing
  101  Trust Fund. Of such funds, the first $40 million shall be
  102  transferred annually, subject to any distribution required under
  103  subsection (5), to the State Economic Enhancement and
  104  Development Trust Fund within the Department of Economic
  105  Opportunity. The remainder shall be used as follows:
  106         1. Twelve and one-half percent of that amount shall be
  107  deposited into the State Housing Trust Fund and expended by the
  108  Department of Economic Opportunity and the Florida Housing
  109  Finance Corporation for the purposes for which the State Housing
  110  Trust Fund was created and exists by law.
  111         2. Eighty-seven and one-half percent of that amount shall
  112  be distributed to the Local Government Housing Trust Fund and
  113  used for the purposes for which the Local Government Housing
  114  Trust Fund was created and exists by law. Funds from this
  115  category may also be used to provide for state and local
  116  services to assist the homeless.
  117         (e) The lesser of 0.017 percent of the remainder or
  118  $300,000 in each fiscal year shall be paid into the State
  119  Treasury to the credit of the General Inspection Trust Fund to
  120  be used to fund oyster management and restoration programs as
  121  provided in s. 379.362(3).
  122         (f) A total of $75 million shall be paid into the State
  123  Treasury to the credit of the State Economic Enhancement and
  124  Development Trust Fund within the Department of Economic
  125  Opportunity.
  126         (g)An amount equaling 6.84519 percent of the remainder
  127  shall be paid into the Resilient Florida Trust Fund to be used
  128  for the purposes for which the Resilient Florida Trust Fund was
  129  created and exists by law. Funds may be used for planning and
  130  project grants.
  131         (h)An amount equaling 6.84519 percent of the remainder
  132  shall be paid into the Water Protection and Sustainability
  133  Program Trust Fund to be used to fund wastewater grants as
  134  specified in s. 403.0673.
  135         (5) Notwithstanding s. 215.32(2)(b)4.a., funds distributed
  136  to the State Housing Trust Fund and the Local Government Housing
  137  Trust Fund pursuant to paragraph (4)(c) may not be transferred
  138  to the General Revenue Fund in the General Appropriations Act
  139  Distributions to the State Housing Trust Fund pursuant to
  140  paragraphs (4)(c) and (d) must be sufficient to cover amounts
  141  required to be transferred to the Florida Affordable Housing
  142  Guarantee Program’s annual debt service reserve and guarantee
  143  fund pursuant to s. 420.5092(6)(a) and (b) up to the amount
  144  required to be transferred to such reserve and fund based on the
  145  percentage distribution of documentary stamp tax revenues to the
  146  State Housing Trust Fund which is in effect in the 2004-2005
  147  fiscal year.
  148         Section 2. Paragraph (c) is added to subsection (1) of
  149  section 403.890, Florida Statutes, to read:
  150         403.890 Water Protection and Sustainability Program.—
  151         (1) Revenues deposited into or appropriated to the Water
  152  Protection and Sustainability Program Trust Fund shall be
  153  distributed by the Department of Environmental Protection for
  154  the following purposes:
  155         (c) The wastewater grant program as provided in s.
  156  403.0673.
  157         Section 3. For the purpose of incorporating the amendments
  158  made by this act to section 201.15, Florida Statutes, in a
  159  reference thereto, section 201.0205, Florida Statutes, is
  160  reenacted to read:
  161         201.0205 Counties that have implemented ch. 83-220;
  162  inapplicability of 10-cent tax increase by s. 2, ch. 92-317,
  163  Laws of Florida.—The 10-cent tax increase in the documentary
  164  stamp tax levied by s. 2, chapter 92-317, does not apply to
  165  deeds and other taxable instruments relating to real property
  166  located in any county that has implemented the provisions of
  167  chapter 83-220, Laws of Florida, as amended by chapters 84-270,
  168  86-152, and 89-252, Laws of Florida. Each such county and each
  169  eligible jurisdiction within such county may not participate in
  170  programs funded pursuant to s. 201.15(4)(c). However, each such
  171  county and each eligible jurisdiction within such county may
  172  participate in programs funded pursuant to s. 201.15(4)(d).
  173         Section 4. For the purpose of incorporating the amendments
  174  made by this act to section 201.15, Florida Statutes, in a
  175  reference thereto, subsection (9) of section 339.55, Florida
  176  Statutes, is reenacted to read:
  177         339.55 State-funded infrastructure bank.—
  178         (9) Funds paid into the State Transportation Trust Fund
  179  pursuant to s. 201.15(4)(a) for the purposes of the State
  180  Infrastructure Bank are hereby annually appropriated for
  181  expenditure to support that program.
  182         Section 5. For the purpose of incorporating the amendments
  183  made by this act to section 201.15, Florida Statutes, in a
  184  reference thereto, subsections (5) and (6) of section 420.5092,
  185  Florida Statutes, are reenacted to read:
  186         420.5092 Florida Affordable Housing Guarantee Program.—
  187         (5) Pursuant to s. 16, Art. VII of the State Constitution,
  188  the corporation may issue, in accordance with s. 420.509,
  189  revenue bonds of the corporation to establish the guarantee
  190  fund. The revenue bonds are primarily payable from and secured
  191  by annual debt service reserves, from interest earned on funds
  192  on deposit in the guarantee fund, from fees, charges, and
  193  reimbursements established by the corporation for the issuance
  194  of affordable housing guarantees, and from any other revenue
  195  sources received by the corporation and deposited by the
  196  corporation into the guarantee fund for the issuance of
  197  affordable housing guarantees. If such primary revenue sources
  198  are considered insufficient by the corporation, pursuant to the
  199  certification provided in subsection (6), to fully fund the
  200  annual debt service reserve, the certified deficiency in such
  201  reserve is also payable from the first proceeds of the
  202  documentary stamp tax moneys deposited into the State Housing
  203  Trust Fund pursuant to s. 201.15(4)(c) and (d) during the
  204  ensuing state fiscal year.
  205         (6)(a) If the primary revenue sources to be used for
  206  repayment of revenue bonds used to establish the guarantee fund
  207  are insufficient for such repayment, the annual principal and
  208  interest due on each series of revenue bonds are payable from
  209  funds in the annual debt service reserve. The corporation shall,
  210  before June 1 of each year, perform a financial audit to
  211  determine whether at the end of the state fiscal year there will
  212  be on deposit in the guarantee fund an annual debt service
  213  reserve from interest earned pursuant to the investment of the
  214  guarantee fund, fees, charges, and reimbursements received from
  215  issued affordable housing guarantees and other revenue sources
  216  available to the corporation. Based upon the findings in such
  217  guarantee fund financial audit, the corporation shall certify to
  218  the Chief Financial Officer the amount of any projected
  219  deficiency in the annual debt service reserve for any series of
  220  outstanding bonds as of the end of the state fiscal year and the
  221  amount necessary to maintain such annual debt service reserve.
  222  Upon receipt of such certification, the Chief Financial Officer
  223  shall transfer to the annual debt service reserve, from the
  224  first available taxes distributed to the State Housing Trust
  225  Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing
  226  state fiscal year, the amount certified as necessary to maintain
  227  the annual debt service reserve.
  228         (b) If the claims payment obligations under affordable
  229  housing guarantees from amounts on deposit in the guarantee fund
  230  would cause the claims paying rating assigned to the guarantee
  231  fund to be less than the third-highest rating classification of
  232  any nationally recognized rating service, which classifications
  233  being consistent with s. 215.84(3) and rules adopted thereto by
  234  the State Board of Administration, the corporation shall certify
  235  to the Chief Financial Officer the amount of such claims payment
  236  obligations. Upon receipt of such certification, the Chief
  237  Financial Officer shall transfer to the guarantee fund, from the
  238  first available taxes distributed to the State Housing Trust
  239  Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing
  240  state fiscal year, the amount certified as necessary to meet
  241  such obligations, such transfer to be subordinate to any
  242  transfer referenced in paragraph (a) and not to exceed 50
  243  percent of the amounts distributed to the State Housing Trust
  244  Fund pursuant to s. 201.15(4)(c) and (d) during the preceding
  245  state fiscal year.
  246         Section 6. For the purpose of incorporating the amendments
  247  made by this act to section 201.15, Florida Statutes, in a
  248  reference thereto, subsections (1), (2), and (3) of section
  249  420.9073, Florida Statutes, are reenacted to read:
  250         420.9073 Local housing distributions.—
  251         (1) Distributions calculated in this section shall be
  252  disbursed on a quarterly or more frequent basis by the
  253  corporation pursuant to s. 420.9072, subject to availability of
  254  funds. Each county’s share of the funds to be distributed from
  255  the portion of the funds in the Local Government Housing Trust
  256  Fund received pursuant to s. 201.15(4)(c) shall be calculated by
  257  the corporation for each fiscal year as follows:
  258         (a) Each county other than a county that has implemented
  259  chapter 83-220, Laws of Florida, as amended by chapters 84-270,
  260  86-152, and 89-252, Laws of Florida, shall receive the
  261  guaranteed amount for each fiscal year.
  262         (b) Each county other than a county that has implemented
  263  chapter 83-220, Laws of Florida, as amended by chapters 84-270,
  264  86-152, and 89-252, Laws of Florida, may receive an additional
  265  share calculated as follows:
  266         1. Multiply each county’s percentage of the total state
  267  population excluding the population of any county that has
  268  implemented chapter 83-220, Laws of Florida, as amended by
  269  chapters 84-270, 86-152, and 89-252, Laws of Florida, by the
  270  total funds to be distributed.
  271         2. If the result in subparagraph 1. is less than the
  272  guaranteed amount as determined in subsection (3), that county’s
  273  additional share shall be zero.
  274         3. For each county in which the result in subparagraph 1.
  275  is greater than the guaranteed amount as determined in
  276  subsection (3), the amount calculated in subparagraph 1. shall
  277  be reduced by the guaranteed amount. The result for each such
  278  county shall be expressed as a percentage of the amounts so
  279  determined for all counties. Each such county shall receive an
  280  additional share equal to such percentage multiplied by the
  281  total funds received by the Local Government Housing Trust Fund
  282  pursuant to s. 201.15(4)(c) reduced by the guaranteed amount
  283  paid to all counties.
  284         (2) Distributions calculated in this section shall be
  285  disbursed on a quarterly or more frequent basis by the
  286  corporation pursuant to s. 420.9072, subject to availability of
  287  funds. Each county’s share of the funds to be distributed from
  288  the portion of the funds in the Local Government Housing Trust
  289  Fund received pursuant to s. 201.15(4)(d) shall be calculated by
  290  the corporation for each fiscal year as follows:
  291         (a) Each county shall receive the guaranteed amount for
  292  each fiscal year.
  293         (b) Each county may receive an additional share calculated
  294  as follows:
  295         1. Multiply each county’s percentage of the total state
  296  population, by the total funds to be distributed.
  297         2. If the result in subparagraph 1. is less than the
  298  guaranteed amount as determined in subsection (3), that county’s
  299  additional share shall be zero.
  300         3. For each county in which the result in subparagraph 1.
  301  is greater than the guaranteed amount, the amount calculated in
  302  subparagraph 1. shall be reduced by the guaranteed amount. The
  303  result for each such county shall be expressed as a percentage
  304  of the amounts so determined for all counties. Each such county
  305  shall receive an additional share equal to this percentage
  306  multiplied by the total funds received by the Local Government
  307  Housing Trust Fund pursuant to s. 201.15(4)(d) as reduced by the
  308  guaranteed amount paid to all counties.
  309         (3) Calculation of guaranteed amounts:
  310         (a) The guaranteed amount under subsection (1) shall be
  311  calculated for each state fiscal year by multiplying $350,000 by
  312  a fraction, the numerator of which is the amount of funds
  313  distributed to the Local Government Housing Trust Fund pursuant
  314  to s. 201.15(4)(c) and the denominator of which is the total
  315  amount of funds distributed to the Local Government Housing
  316  Trust Fund pursuant to s. 201.15.
  317         (b) The guaranteed amount under subsection (2) shall be
  318  calculated for each state fiscal year by multiplying $350,000 by
  319  a fraction, the numerator of which is the amount of funds
  320  distributed to the Local Government Housing Trust Fund pursuant
  321  to s. 201.15(4)(d) and the denominator of which is the total
  322  amount of funds distributed to the Local Government Housing
  323  Trust Fund pursuant to s. 201.15.
  324         Section 7. This act shall take effect July 1, 2021, only if
  325  SB 1954 or similar legislation and SB 2514 or similar
  326  legislation are adopted in the same legislative session or an
  327  extension thereof and become law.