HB 381

1
A bill to be entitled
2An act relating to the distribution of proceeds from the
3excise tax on documents; amending s. 201.15, F.S.;
4removing a limitation on the amount of such proceeds which
5may be deposited into the State Housing Trust Fund on or
6after a specified date; providing an effective date.
7
8Be It Enacted by the Legislature of the State of Florida:
9
10     Section 1.  Subsections (9), (10), (15), (17), and (18) of
11section 201.15, Florida Statutes, as amended by section 1 of
12chapter 2005-92 and section 22 of chapter 2006-1, Laws of
13Florida, are amended to read:
14     201.15  Distribution of taxes collected.--All taxes
15collected under this chapter shall be distributed as follows and
16shall be subject to the service charge imposed in s. 215.20(1),
17except that such service charge shall not be levied against any
18portion of taxes pledged to debt service on bonds to the extent
19that the amount of the service charge is required to pay any
20amounts relating to the bonds:
21     (9)  The lesser of Seven and fifty-three hundredths percent
22of the remaining taxes collected under this chapter or $107
23million in each fiscal year shall be paid into the State
24Treasury to the credit of the State Housing Trust Fund and shall
25be used as follows:
26     (a)  Half of that amount shall be used for the purposes for
27which the State Housing Trust Fund was created and exists by
28law.
29     (b)  Half of that amount shall be paid into the State
30Treasury to the credit of the Local Government Housing Trust
31Fund and shall be used for the purposes for which the Local
32Government Housing Trust Fund was created and exists by law.
33     (10)  The lesser of Eight and sixty-six hundredths percent
34of the remaining taxes collected under this chapter or $136
35million in each fiscal year shall be paid into the State
36Treasury to the credit of the State Housing Trust Fund and shall
37be used as follows:
38     (a)  Twelve and one-half percent of that amount shall be
39deposited into the State Housing Trust Fund and be expended by
40the Department of Community Affairs and by the Florida Housing
41Finance Corporation for the purposes for which the State Housing
42Trust Fund was created and exists by law.
43     (b)  Eighty-seven and one-half percent of that amount shall
44be distributed to the Local Government Housing Trust Fund and
45shall be used for the purposes for which the Local Government
46Housing Trust Fund was created and exists by law. Funds from
47this category may also be used to provide for state and local
48services to assist the homeless.
49     (15)  Beginning July 1, 2008, in each fiscal year that the
50remaining taxes collected under this chapter exceed such
51collections in the prior fiscal year, the stated maximum dollar
52amounts provided in subsections (2), (4), (6), and (7), (9), and
53(10) shall each be increased by an amount equal to 10 percent of
54the increase in the remaining taxes collected under this chapter
55multiplied by the applicable percentage provided in those
56subsections.
57     (17)  Distributions to the State Housing Trust Fund
58pursuant to subsections (9) and (10) shall be sufficient to
59cover amounts required to be transferred to the Florida
60Affordable Housing Guarantee Program's annual debt service
61reserve and guarantee fund pursuant to s. 420.5092(6)(a) and (b)
62up to but not exceeding the amount required to be transferred to
63such reserve and fund based on the percentage distribution of
64documentary stamp tax revenues to the State Housing Trust Fund
65which is in effect in the 2004-2005 fiscal year.
66     (17)(18)  The remaining taxes collected under this chapter,
67after the distributions provided in the preceding subsections,
68shall be paid into the State Treasury to the credit of the
69General Revenue Fund.
70     Section 2.  This act shall take effect July 1, 2007.


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