Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. PCS (697286) for SB 7000
       
       
       
       
       
       
                                Ì6331660Î633166                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/20/2016           .                                
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       The Committee on Fiscal Policy (Abruzzo) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 12
    4  insert:
    5         Section 1. Subsection (6) is added to section 125.045,
    6  Florida Statutes, to read:
    7         125.045 County economic development powers.—
    8         (6) The governing body of a county may employ tax increment
    9  financing for the purposes of this section. The tax increment
   10  shall be determined annually and may not exceed 95 percent of
   11  the difference in ad valorem taxes as provided in s.
   12  163.387(1)(a). For any tax increment area created pursuant to
   13  this section, the governing body of a county shall administer a
   14  separate reserve account for the deposit of tax increment
   15  revenues. Tax increment revenues, including the proceeds of any
   16  revenue bonds secured by, and repaid with, such tax increment
   17  revenues, shall be used exclusively to fund economic development
   18  activities within the tax increment area.
   19  
   20  ================= T I T L E  A M E N D M E N T ================
   21  And the title is amended as follows:
   22         Delete line 2
   23  and insert:
   24         An act relating to local development; amending s.
   25         125.045, F.S.; authorizing the governing body of a
   26         county to employ tax increment financing; specifying
   27         requirements for a tax increment; requiring the
   28         governing body of a county to administer a separate
   29         reserve account for tax increment areas for the
   30         deposit of tax increment revenues; requiring tax
   31         increment revenues be used to fund economic
   32         development activities within the tax increment area;