Bill Text: FL S2512 | 2021 | Regular Session | Enrolled
Bill Title: Documentary Stamp Tax Distributions
Spectrum: Committee Bill
Status: (Passed) 2021-06-03 - Chapter No. 2021-39, companion bill(s) passed, see CS/CS/SB 1954 (Ch. 2021-28), SB 2514 (Ch. 2021-29), SB 2500 (Ch. 2021-36) [S2512 Detail]
Download: Florida-2021-S2512-Enrolled.html
ENROLLED 2021 Legislature SB 2512, 1st Engrossed 20212512er 1 2 An act relating to documentary stamp tax 3 distributions; amending s. 201.15, F.S.; revising and 4 deleting distributions of the documentary stamp tax; 5 providing that specified distributions may not be 6 transferred to the General Revenue Fund; amending s. 7 403.890, F.S.; revising the purposes for which 8 distributions may be made from the Water Protection 9 and Sustainability Program Trust Fund; reenacting ss. 10 201.0205, 339.55(9), 420.5092(5) and (6), and 11 420.9073(1), (2), and (3), F.S., relating to counties 12 that have implemented chapter 83-220, Laws of Florida, 13 the state-funded infrastructure bank, the Florida 14 Affordable Housing Guarantee Program, and local 15 housing distributions, respectively, to incorporate 16 the amendments made to s. 201.15, F.S., in references 17 thereto; providing a contingent effective date. 18 19 Be It Enacted by the Legislature of the State of Florida: 20 21 Section 1. Subsections (4) and (5) of section 201.15, 22 Florida Statutes, are amended to read: 23 201.15 Distribution of taxes collected.—All taxes collected 24 under this chapter are hereby pledged and shall be first made 25 available to make payments when due on bonds issued pursuant to 26 s. 215.618 or s. 215.619, or any other bonds authorized to be 27 issued on a parity basis with such bonds. Such pledge and 28 availability for the payment of these bonds shall have priority 29 over any requirement for the payment of service charges or costs 30 of collection and enforcement under this section. All taxes 31 collected under this chapter, except taxes distributed to the 32 Land Acquisition Trust Fund pursuant to subsections (1) and (2), 33 are subject to the service charge imposed in s. 215.20(1). 34 Before distribution pursuant to this section, the Department of 35 Revenue shall deduct amounts necessary to pay the costs of the 36 collection and enforcement of the tax levied by this chapter. 37 The costs and service charge may not be levied against any 38 portion of taxes pledged to debt service on bonds to the extent 39 that the costs and service charge are required to pay any 40 amounts relating to the bonds. All of the costs of the 41 collection and enforcement of the tax levied by this chapter and 42 the service charge shall be available and transferred to the 43 extent necessary to pay debt service and any other amounts 44 payable with respect to bonds authorized before January 1, 2017, 45 secured by revenues distributed pursuant to this section. All 46 taxes remaining after deduction of costs shall be distributed as 47 follows: 48 (4) After the required distributions to the Land 49 Acquisition Trust Fund pursuant to subsections (1) and (2) and 50 deduction of the service charge imposed pursuant to s. 51 215.20(1), the remainder shall be distributed as follows: 52 (a) The lesser of 20.545324.18442percent of the remainder 53 or $466.75 million$541.75 millionin each fiscal year shall be 54 paid into the State Treasury to the credit of the State 55 Transportation Trust Fund.Of such funds, $75 million for each56fiscal year shall be transferred to the General Revenue Fund.57 Notwithstanding any other law, theremainingamount credited to 58 the State Transportation Trust Fund shall be used for: 59 1. Capital funding for the New Starts Transit Program, 60 authorized by Title 49, U.S.C. s. 5309 and specified in s. 61 341.051, in the amount of 10 percent of the funds; 62 2. The Small County Outreach Program specified in s. 63 339.2818, in the amount of 10 percent of the funds; 64 3. The Strategic Intermodal System specified in ss. 339.61, 65 339.62, 339.63, and 339.64, in the amount of 75 percent of the 66 funds after deduction of the payments required pursuant to 67 subparagraphs 1. and 2.; and 68 4. The Transportation Regional Incentive Program specified 69 in s. 339.2819, in the amount of 25 percent of the funds after 70 deduction of the payments required pursuant to subparagraphs 1. 71 and 2. The first $60 million of the funds allocated pursuant to 72 this subparagraph shall be allocated annually to the Florida 73 Rail Enterprise for the purposes established in s. 341.303(5). 74 (b) The lesser of 0.1456 percent of the remainder or $3.25 75 million in each fiscal year shall be paid into the State 76 Treasury to the credit of the Grants and Donations Trust Fund in 77 the Department of Economic Opportunity to fund technical 78 assistance to local governments. 79 80 Moneys distributed pursuant to paragraphs (a) and (b) may not be 81 pledged for debt service unless such pledge is approved by 82 referendum of the voters. 83 (c) An amount equaling 4.5Eleven and twenty-four84hundredthspercent of the remainder in each fiscal year shall be 85 paid into the State Treasury to the credit of the State Housing 86 Trust Fund.Of such funds, the first $35 million shall be87transferred annually, subject to any distribution required under88subsection (5), to the State Economic Enhancement and89Development Trust Fund within the Department of Economic90Opportunity.The fundsremaindershall be used as follows: 91 1. Half of that amount shall be used for the purposes for 92 which the State Housing Trust Fund was created and exists by 93 law. 94 2. Half of that amount shall be paid into the State 95 Treasury to the credit of the Local Government Housing Trust 96 Fund and used for the purposes for which the Local Government 97 Housing Trust Fund was created and exists by law. 98 (d) An amount equaling 5.20254Twelve and ninety-three99hundredthspercent of the remainder in each fiscal year shall be 100 paid into the State Treasury to the credit of the State Housing 101 Trust Fund. Of such funds, the first $40 million shall be102transferred annually, subject to any distribution required under103subsection (5), to the State Economic Enhancement and104Development Trust Fund within the Department of Economic105Opportunity. The remainder shall be used as follows: 106 1. Twelve and one-half percent of that amount shall be 107 deposited into the State Housing Trust Fund and expended by the 108 Department of Economic Opportunity and the Florida Housing 109 Finance Corporation for the purposes for which the State Housing 110 Trust Fund was created and exists by law. 111 2. Eighty-seven and one-half percent of that amount shall 112 be distributed to the Local Government Housing Trust Fund and 113 used for the purposes for which the Local Government Housing 114 Trust Fund was created and exists by law. Funds from this 115 category may also be used to provide for state and local 116 services to assist the homeless. 117 (e) The lesser of 0.017 percent of the remainder or 118 $300,000 in each fiscal year shall be paid into the State 119 Treasury to the credit of the General Inspection Trust Fund to 120 be used to fund oyster management and restoration programs as 121 provided in s. 379.362(3). 122 (f) A total of $75 million shall be paid into the State 123 Treasury to the credit of the State Economic Enhancement and 124 Development Trust Fund within the Department of Economic 125 Opportunity. 126 (g) An amount equaling 5.4175 percent of the remainder 127 shall be paid into the Resilient Florida Trust Fund to be used 128 for the purposes for which the Resilient Florida Trust Fund was 129 created and exists by law. Funds may be used for planning and 130 project grants. 131 (h) An amount equaling 5.4175 percent of the remainder 132 shall be paid into the Water Protection and Sustainability 133 Program Trust Fund to be used to fund wastewater grants as 134 specified in s. 403.0673. 135 (5) Notwithstanding s. 215.32(2)(b)4.a., funds distributed 136 to the State Housing Trust Fund and the Local Government Housing 137 Trust Fund pursuant to paragraph (4)(c) may not be transferred 138 to the General Revenue Fund in the General Appropriations Act 139Distributions to the State Housing Trust Fund pursuant to140paragraphs (4)(c) and (d) must be sufficient to cover amounts141required to be transferred to the Florida Affordable Housing142Guarantee Program’s annual debt service reserve and guarantee143fund pursuant to s. 420.5092(6)(a) and (b) up to the amount144required to be transferred to such reserve and fund based on the145percentage distribution of documentary stamp tax revenues to the146State Housing Trust Fund which is in effect in the 2004-2005147fiscal year. 148 Section 2. Paragraph (c) is added to subsection (1) of 149 section 403.890, Florida Statutes, to read: 150 403.890 Water Protection and Sustainability Program.— 151 (1) Revenues deposited into or appropriated to the Water 152 Protection and Sustainability Program Trust Fund shall be 153 distributed by the Department of Environmental Protection for 154 the following purposes: 155 (c) The wastewater grant program as provided in s. 156 403.0673. 157 Section 3. For the purpose of incorporating the amendments 158 made by this act to section 201.15, Florida Statutes, in a 159 reference thereto, section 201.0205, Florida Statutes, is 160 reenacted to read: 161 201.0205 Counties that have implemented ch. 83-220; 162 inapplicability of 10-cent tax increase by s. 2, ch. 92-317, 163 Laws of Florida.—The 10-cent tax increase in the documentary 164 stamp tax levied by s. 2, chapter 92-317, does not apply to 165 deeds and other taxable instruments relating to real property 166 located in any county that has implemented the provisions of 167 chapter 83-220, Laws of Florida, as amended by chapters 84-270, 168 86-152, and 89-252, Laws of Florida. Each such county and each 169 eligible jurisdiction within such county may not participate in 170 programs funded pursuant to s. 201.15(4)(c). However, each such 171 county and each eligible jurisdiction within such county may 172 participate in programs funded pursuant to s. 201.15(4)(d). 173 Section 4. For the purpose of incorporating the amendments 174 made by this act to section 201.15, Florida Statutes, in a 175 reference thereto, subsection (9) of section 339.55, Florida 176 Statutes, is reenacted to read: 177 339.55 State-funded infrastructure bank.— 178 (9) Funds paid into the State Transportation Trust Fund 179 pursuant to s. 201.15(4)(a) for the purposes of the State 180 Infrastructure Bank are hereby annually appropriated for 181 expenditure to support that program. 182 Section 5. For the purpose of incorporating the amendments 183 made by this act to section 201.15, Florida Statutes, in a 184 reference thereto, subsections (5) and (6) of section 420.5092, 185 Florida Statutes, are reenacted to read: 186 420.5092 Florida Affordable Housing Guarantee Program.— 187 (5) Pursuant to s. 16, Art. VII of the State Constitution, 188 the corporation may issue, in accordance with s. 420.509, 189 revenue bonds of the corporation to establish the guarantee 190 fund. The revenue bonds are primarily payable from and secured 191 by annual debt service reserves, from interest earned on funds 192 on deposit in the guarantee fund, from fees, charges, and 193 reimbursements established by the corporation for the issuance 194 of affordable housing guarantees, and from any other revenue 195 sources received by the corporation and deposited by the 196 corporation into the guarantee fund for the issuance of 197 affordable housing guarantees. If such primary revenue sources 198 are considered insufficient by the corporation, pursuant to the 199 certification provided in subsection (6), to fully fund the 200 annual debt service reserve, the certified deficiency in such 201 reserve is also payable from the first proceeds of the 202 documentary stamp tax moneys deposited into the State Housing 203 Trust Fund pursuant to s. 201.15(4)(c) and (d) during the 204 ensuing state fiscal year. 205 (6)(a) If the primary revenue sources to be used for 206 repayment of revenue bonds used to establish the guarantee fund 207 are insufficient for such repayment, the annual principal and 208 interest due on each series of revenue bonds are payable from 209 funds in the annual debt service reserve. The corporation shall, 210 before June 1 of each year, perform a financial audit to 211 determine whether at the end of the state fiscal year there will 212 be on deposit in the guarantee fund an annual debt service 213 reserve from interest earned pursuant to the investment of the 214 guarantee fund, fees, charges, and reimbursements received from 215 issued affordable housing guarantees and other revenue sources 216 available to the corporation. Based upon the findings in such 217 guarantee fund financial audit, the corporation shall certify to 218 the Chief Financial Officer the amount of any projected 219 deficiency in the annual debt service reserve for any series of 220 outstanding bonds as of the end of the state fiscal year and the 221 amount necessary to maintain such annual debt service reserve. 222 Upon receipt of such certification, the Chief Financial Officer 223 shall transfer to the annual debt service reserve, from the 224 first available taxes distributed to the State Housing Trust 225 Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing 226 state fiscal year, the amount certified as necessary to maintain 227 the annual debt service reserve. 228 (b) If the claims payment obligations under affordable 229 housing guarantees from amounts on deposit in the guarantee fund 230 would cause the claims paying rating assigned to the guarantee 231 fund to be less than the third-highest rating classification of 232 any nationally recognized rating service, which classifications 233 being consistent with s. 215.84(3) and rules adopted thereto by 234 the State Board of Administration, the corporation shall certify 235 to the Chief Financial Officer the amount of such claims payment 236 obligations. Upon receipt of such certification, the Chief 237 Financial Officer shall transfer to the guarantee fund, from the 238 first available taxes distributed to the State Housing Trust 239 Fund pursuant to s. 201.15(4)(c) and (d) during the ensuing 240 state fiscal year, the amount certified as necessary to meet 241 such obligations, such transfer to be subordinate to any 242 transfer referenced in paragraph (a) and not to exceed 50 243 percent of the amounts distributed to the State Housing Trust 244 Fund pursuant to s. 201.15(4)(c) and (d) during the preceding 245 state fiscal year. 246 Section 6. For the purpose of incorporating the amendments 247 made by this act to section 201.15, Florida Statutes, in a 248 reference thereto, subsections (1), (2), and (3) of section 249 420.9073, Florida Statutes, are reenacted to read: 250 420.9073 Local housing distributions.— 251 (1) Distributions calculated in this section shall be 252 disbursed on a quarterly or more frequent basis by the 253 corporation pursuant to s. 420.9072, subject to availability of 254 funds. Each county’s share of the funds to be distributed from 255 the portion of the funds in the Local Government Housing Trust 256 Fund received pursuant to s. 201.15(4)(c) shall be calculated by 257 the corporation for each fiscal year as follows: 258 (a) Each county other than a county that has implemented 259 chapter 83-220, Laws of Florida, as amended by chapters 84-270, 260 86-152, and 89-252, Laws of Florida, shall receive the 261 guaranteed amount for each fiscal year. 262 (b) Each county other than a county that has implemented 263 chapter 83-220, Laws of Florida, as amended by chapters 84-270, 264 86-152, and 89-252, Laws of Florida, may receive an additional 265 share calculated as follows: 266 1. Multiply each county’s percentage of the total state 267 population excluding the population of any county that has 268 implemented chapter 83-220, Laws of Florida, as amended by 269 chapters 84-270, 86-152, and 89-252, Laws of Florida, by the 270 total funds to be distributed. 271 2. If the result in subparagraph 1. is less than the 272 guaranteed amount as determined in subsection (3), that county’s 273 additional share shall be zero. 274 3. For each county in which the result in subparagraph 1. 275 is greater than the guaranteed amount as determined in 276 subsection (3), the amount calculated in subparagraph 1. shall 277 be reduced by the guaranteed amount. The result for each such 278 county shall be expressed as a percentage of the amounts so 279 determined for all counties. Each such county shall receive an 280 additional share equal to such percentage multiplied by the 281 total funds received by the Local Government Housing Trust Fund 282 pursuant to s. 201.15(4)(c) reduced by the guaranteed amount 283 paid to all counties. 284 (2) Distributions calculated in this section shall be 285 disbursed on a quarterly or more frequent basis by the 286 corporation pursuant to s. 420.9072, subject to availability of 287 funds. Each county’s share of the funds to be distributed from 288 the portion of the funds in the Local Government Housing Trust 289 Fund received pursuant to s. 201.15(4)(d) shall be calculated by 290 the corporation for each fiscal year as follows: 291 (a) Each county shall receive the guaranteed amount for 292 each fiscal year. 293 (b) Each county may receive an additional share calculated 294 as follows: 295 1. Multiply each county’s percentage of the total state 296 population, by the total funds to be distributed. 297 2. If the result in subparagraph 1. is less than the 298 guaranteed amount as determined in subsection (3), that county’s 299 additional share shall be zero. 300 3. For each county in which the result in subparagraph 1. 301 is greater than the guaranteed amount, the amount calculated in 302 subparagraph 1. shall be reduced by the guaranteed amount. The 303 result for each such county shall be expressed as a percentage 304 of the amounts so determined for all counties. Each such county 305 shall receive an additional share equal to this percentage 306 multiplied by the total funds received by the Local Government 307 Housing Trust Fund pursuant to s. 201.15(4)(d) as reduced by the 308 guaranteed amount paid to all counties. 309 (3) Calculation of guaranteed amounts: 310 (a) The guaranteed amount under subsection (1) shall be 311 calculated for each state fiscal year by multiplying $350,000 by 312 a fraction, the numerator of which is the amount of funds 313 distributed to the Local Government Housing Trust Fund pursuant 314 to s. 201.15(4)(c) and the denominator of which is the total 315 amount of funds distributed to the Local Government Housing 316 Trust Fund pursuant to s. 201.15. 317 (b) The guaranteed amount under subsection (2) shall be 318 calculated for each state fiscal year by multiplying $350,000 by 319 a fraction, the numerator of which is the amount of funds 320 distributed to the Local Government Housing Trust Fund pursuant 321 to s. 201.15(4)(d) and the denominator of which is the total 322 amount of funds distributed to the Local Government Housing 323 Trust Fund pursuant to s. 201.15. 324 Section 7. This act shall take effect July 1, 2021, only if 325 SB 1954 or similar legislation and SB 2514 or similar 326 legislation are adopted in the same legislative session or an 327 extension thereof and become law.