Florida Senate - 2021                   (PROPOSED BILL) SPB 7052
       
       
        
       FOR CONSIDERATION By the Committee on Appropriations
       
       
       
       
       
       576-02010A-21                                         20217052pb
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 1010.88,
    3         F.S.; creating the Florida K-12 Education Tax Credit
    4         Program Trust Fund within the Department of Education;
    5         providing the purpose of the trust fund and the source
    6         of funds; exempting the trust fund from the general
    7         revenue service charge; requiring any balance in the
    8         trust fund at the end of any fiscal year to remain in
    9         the trust fund and be available for carrying out the
   10         purpose of the trust fund; providing for future review
   11         and termination or re-creation of the trust fund;
   12         providing a contingent effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Section 1010.88, Florida Statutes, is created to
   17  read:
   18         1010.88 Florida K-12 Education Tax Credit Program Trust
   19  Fund.—
   20         (1) The Florida K-12 Education Tax Credit Program Trust
   21  Fund is created within the Department of Education. The trust
   22  fund is established to serve as a depository for eligible
   23  contributions, as set forth in ss. 212.099 and 1002.395. The
   24  Department of Revenue and the Department of Business and
   25  Professional Regulation shall transfer any eligible
   26  contributions received to the Florida K-12 Education Tax Credit
   27  Program Trust Fund at least once each quarter. Funds in the
   28  trust fund must be used for K-12 education and may be used as
   29  provided in ss. 212.099 and 1002.395.
   30         (2) The trust fund is exempt from the general revenue
   31  service charge imposed in s. 215.20.
   32         (3) Notwithstanding s. 216.301 and pursuant to s. 216.351,
   33  any balance in the trust fund at the end of any fiscal year
   34  shall remain in the trust fund at the end of the year and shall
   35  be available for carrying out the purposes of the trust fund.
   36         (4) In accordance with s. 19(f), Art. III of the State
   37  Constitution, the Florida K-12 Education Tax Credit Program
   38  Trust Fund shall, unless terminated sooner, be terminated on
   39  July 1, 2025. Before its scheduled termination, the trust fund
   40  must be reviewed as provided in s. 215.3206(1) and (2).
   41         Section 2. This act shall take effect on the same date that
   42  SB 48 or similar legislation takes effect, if such legislation
   43  is enacted in the same legislative session or an extension
   44  thereof and becomes a law.