Senate Bill sb2382

    Florida Senate - 2007                                  SB 2382

    By Senator Webster





    9-1296B-07

  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         220.7015, F.S.; creating the Corporate Income

  4         Tax Trust Fund within the Department of

  5         Revenue; providing for sources of funds;

  6         providing purposes; providing for future review

  7         and termination or re-creation of the trust

  8         fund; specifying the uses of funds transferred

  9         from the Corporate Income Tax Trust Fund to the

10         General Revenue Fund; providing a contingent

11         effective date.

12  

13  Be It Enacted by the Legislature of the State of Florida:

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15         Section 1.  Section 220.7015, Florida Statutes, is

16  created to read:

17         220.7015  Corporate Income Tax Trust Fund.--

18         (1)  The Corporate Income Tax Trust Fund is created

19  within the Department of Revenue.

20         (2)  The fund is established for use as a depository

21  for funds to be appropriated by the Legislature for any

22  purpose other than education.  Moneys to be credited to the

23  trust fund include revenues collected through the corporate

24  income tax imposed under s. 220.11.

25         (3)  In accordance with s. 19(f)(2), Art. III of the

26  State Constitution, the Corporate Income Tax Trust Fund shall,

27  unless terminated sooner, be terminated on July 1, 2011.

28  Before its scheduled termination, the trust fund shall be

29  reviewed as provided in s. 215.3206(1) and (2).

30         Section 2.  Of the funds transferred to the General

31  Revenue Fund from the Corporate Income Tax Trust Fund, $_____

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2007                                  SB 2382
    9-1296B-07




 1  million shall be used to fund the general revenue portions of

 2  Specific Appropriations _____ for _____ services in the

 3  2007-2008 General Appropriations Act. If such transferred

 4  funds are insufficient to provide the total general revenue

 5  portion of any such specific appropriation, additional funds

 6  from the General Revenue Fund, other than the funds

 7  transferred from the Corporate Income Tax Trust Fund, shall be

 8  used to provide the remaining portion of general revenue

 9  funding for the specific appropriation.

10         Section 3.  This act shall take effect July 1, 2007, if

11  Senate Bill ____, or similar legislation amending section

12  220.701, Florida Statutes, to require that taxes collected

13  under chapter 220, Florida Statutes, be deposited into the

14  Corporate Income Tax Trust Fund, is adopted in the same

15  legislative session, or an extension thereof, and becomes law.

16  

17            *****************************************

18                          SENATE SUMMARY

19    Creates the Corporate Income Tax Trust Fund within the
      Department of Revenue. Provides purposes for the trust
20    fund. Provides sources of funds. Provides for review and
      termination of the trust fund according to specified
21    guidelines. Specifies uses for moneys transferred from
      the trust fund. Provides for alternative funding for
22    specific appropriations if the trust fund contains
      insufficient moneys.
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CODING: Words stricken are deletions; words underlined are additions.