HB 5

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

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