| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating s. 220.7015, |
| 3 | F.S.; creating the Corporate Income Tax Trust Fund within |
| 4 | the Department of Revenue; providing for use and purposes |
| 5 | of the fund; providing for sources of funds; providing for |
| 6 | future review and termination or re-creation of the trust |
| 7 | fund; providing a contingent effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Section 220.7015, Florida Statutes, is created |
| 12 | to read: |
| 13 | 220.7015 Corporate Income Tax Trust Fund.-- |
| 14 | (1) The Corporate Income Tax Trust Fund is created within |
| 15 | the Department of Revenue. |
| 16 | (2) The fund is established for use as a depository for |
| 17 | funds to be appropriated by the Legislature for any purpose |
| 18 | other than education. Moneys to be credited to the trust fund |
| 19 | include revenues collected through the corporate income tax |
| 20 | imposed under s. 220.11. |
| 21 | (3) In accordance with s. 19(f)(2), Art. III of the State |
| 22 | Constitution, the Corporate Income Tax Trust Fund shall, unless |
| 23 | terminated sooner, be terminated on July 1, 2011. Before its |
| 24 | scheduled termination, the trust fund shall be reviewed as |
| 25 | provided in s. 215.3206(1) and (2). |
| 26 | Section 2. This act shall take effect July 1, 2007, if |
| 27 | legislation amending s. 220.701, Florida Statutes, to require |
| 28 | that taxes collected under chapter 220, Florida Statutes, be |
| 29 | deposited into the Corporate Income Tax Trust Fund, is adopted |
| 30 | in the same legislative session, or an extension thereof, and |
| 31 | becomes law. |