The Florida Senate

199.033  Securities in a Florida's Future Investment Fund; tax rate.--

(1)  Notwithstanding the provisions of this chapter, the tax imposed under s. 199.032 on securities in a Florida's Future Investment Fund shall apply at the rate of .85 mill when the average daily balance in such funds exceeds $2 billion and at the rate of .70 mill when the average daily balance in such funds exceeds $5 billion.

(2)  This section shall not apply in any year in which the revenues of the foundation in the previous calendar year are less than the tax savings allowed by this section. "Tax savings" means the difference between the tax that would be imposed pursuant to s. 199.032 and the tax rate specified in subsection (1).

History.--s. 2, ch. 97-188; s. 2, ch. 99-242; s. 3, ch. 2000-173.