Bill Text: FL H0095 | 2010 | Regular Session | Introduced

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Bill Title: Distribution of Proceeds/Excise Taxes on Documents

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Failed) 2010-04-30 - Died in Finance & Tax Council [H0095 Detail]

Download: Florida-2010-H0095-Introduced.html

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HB 95

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 to be deposited
5	into the State Housing Trust Fund each fiscal year;
6	providing for retroactive repeal of s. 8, ch. 2009-131,
7	Laws of Florida, to eliminate a conflicting version of s.
8	201.15, F.S.; providing an effective date.
9
10	Be It Enacted by the Legislature of the State of Florida:
11
12	Section 1. Subsections (9), (10), (13), (15), (16), and
13	(17) of section 201.15, Florida Statutes, as amended by chapters
14	2009-17, 2009-21, and 2009-68, Laws of Florida, are amended to
15	read:
16	201.15 Distribution of taxes collected.--All taxes
17	collected under this chapter are subject to the service charge
18	imposed in s. 215.20(1). Prior to distribution under this
19	section, the Department of Revenue shall deduct amounts
20	necessary to pay the costs of the collection and enforcement of
21	the tax levied by this chapter. Such costs and the service
22	charge may not be levied against any portion of taxes pledged to
23	debt service on bonds to the extent that the costs and service
24	charge are required to pay any amounts relating to the bonds.
25	After distributions are made pursuant to subsection (1), all of
26	the costs of the collection and enforcement of the tax levied by
27	this chapter and the service charge shall be available and
28	transferred to the extent necessary to pay debt service and any
29	other amounts payable with respect to bonds authorized before
30	January 1, 2010, secured by revenues distributed pursuant to
31	subsection (1). All taxes remaining after deduction of costs and
32	the service charge shall be distributed as follows:
33	(9) Seven and fifty-three hundredths The lesser of 7.53
34	percent of the remaining taxes or $107 million in each fiscal
35	year shall be paid into the State Treasury to the credit of the
36	State Housing Trust Fund and used as follows:
37	(a) Half of that amount shall be used for the purposes for
38	which the State Housing Trust Fund was created and exists by
39	law.
40	(b) Half of that amount shall be paid into the State
41	Treasury to the credit of the Local Government Housing Trust
42	Fund and used for the purposes for which the Local Government
43	Housing Trust Fund was created and exists by law.
44	(10) Eight and sixty-six hundredths The lesser of 8.66
45	percent of the remaining taxes or $136 million in each fiscal
46	year shall be paid into the State Treasury to the credit of the
47	State Housing Trust Fund and used as follows:
48	(a) Twelve and one-half percent of that amount shall be
49	deposited into the State Housing Trust Fund and be expended by
50	the Department of Community Affairs and by the Florida Housing
51	Finance Corporation for the purposes for which the State Housing
52	Trust Fund was created and exists by law.
53	(b) Eighty-seven and one-half percent of that amount shall
54	be distributed to the Local Government Housing Trust Fund and
55	used for the purposes for which the Local Government Housing
56	Trust Fund was created and exists by law. Funds from this
57	category may also be used to provide for state and local
58	services to assist the homeless.
59	(13) In each fiscal year that the remaining taxes exceed
60	collections in the prior fiscal year, the stated maximum dollar
61	amounts provided in subsections (2), (4), (6), and (7), (9), and
62	(10) shall each be increased by an amount equal to 10 percent of
63	the increase in the remaining taxes collected under this chapter
64	multiplied by the applicable percentage provided in those
65	subsections.
66	(15) Distributions to the State Housing Trust Fund
67	pursuant to subsections (9) and (10) must be sufficient to cover
68	amounts required to be transferred to the Florida Affordable
69	Housing Guarantee Program's annual debt service reserve and
70	guarantee fund pursuant to s. 420.5092(6)(a) and (b) up to the
71	amount required to be transferred to such reserve and fund based
72	on the percentage distribution of documentary stamp tax revenues
73	to the State Housing Trust Fund which is in effect in the 2004-
74	2005 fiscal year.
75	(15)(16) If amounts necessary to pay debt service or any
76	other amounts payable with respect to Preservation 2000 bonds,
77	Florida Forever bonds, or Everglades Restoration bonds
78	authorized before January 1, 2010, exceed the amounts
79	distributable pursuant to subsection (1), all moneys
80	distributable pursuant to this section are available for such
81	obligations and transferred in the amounts necessary to pay such
82	obligations when due. However, amounts distributable pursuant to
83	subsection (2), subsection (3), subsection (4), subsection (5),
84	paragraph (9)(a), or paragraph (10)(a) are not available to pay
85	such obligations to the extent that such moneys are necessary to
86	pay debt service on bonds secured by revenues pursuant to those
87	provisions.
88	(16)(17) After the distributions provided in the preceding
89	subsections, any remaining taxes shall be paid into the State
90	Treasury to the credit of the General Revenue Fund.
91	Section 2. Section 8 of chapter 2009-131, Laws of Florida,
92	is repealed, retroactive to June 30, 2009.
93	Section 3. This act shall take effect July 1, 2010.

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