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Transportation & Economic Development Budget Subcommittee — Committee Meeting Notice, Mashburn Hall (314 HOB)

Summary

A meeting notice and bill analysis from the Florida House of Representatives Transportation & Economic Development Budget Subcommittee, which met on Thursday, March 27, 2025 to consider proposed committee bill PCB TED 25-01, Documentary Stamp Tax, the Chair's Budget Recommendation for FY 2025-26. The analysis says the bill changes the distribution of documentary stamp taxes by redirecting a portion of collections now deposited in state trust funds to the General Revenue Fund, with a net zero fiscal impact on state revenues. It states that the bill eliminates a $150 million distribution to the State Housing Trust Fund and has a negative impact of $466.8 million on the State Transportation Trust Fund, with matching increases in General Revenue. The bill has an effective date of July 1, 2025.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
2025 03 27 3284 Transportation Economic Development Budget Subcommittee Meeting Packets Fn
Date
2025-03-27
Case
2025 03 27 3284 Transportation Economic Development Budget Subcommittee Meeting Packets Fn Ted 3 27 25

Cite this document

“Transportation & Economic Development Budget Subcommittee — Committee Meeting Notice, Mashburn Hall (314 HOB).” Original at www.flhouse.gov, dated 2025-03-27. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-03-27-2025-03-27-3284-transportation-economic-development-budget-subcommittee-meeting-packets-fn-ted-3-27-25/, SHA-256 e026fa38a7d6f3a41ea1918e439001ca685f64411b02293286ae07c781cf0077.

Full text

       Transportation & Economic
    Development Budget Subcommittee

                      3:30PM
               Mashburn Hall (314 HOB)




Daniel Perez                             Jason Shoaf
Speaker                                        Chair
                                     Committee Meeting Notice
                                           HOUSE OF REPRESENTATIVES




                     Transportation & Economic Development Budget Subcommittee

Start Date and Time:            Thursday, March 27, 2025 03:30 PM

End Date and Time:              Thursday, March 27, 2025 06:30 PM

Location:                       Mashburn Hall (314 HOB)
Duration:                       3.00 hrs


Consideration of the following proposed committee bill(s):

PCB TED 25-01 -- Documentary Stamp Tax



Chair's Budget Recommendation FY 2025-26




                                NOTICE FINALIZED on 03/25/2025 4:31PM by CTR


 03/25/2025   04:31:32PM                              Leagis ®                   Page 1 of 1
                                     FLORIDA HOUSE OF REPRESENTATIVES
                                               BILL ANALYSIS
       This bill analysis was prepared by nonpartisan committee staff and does not constitute an official statement of legislative intent.
BILL #: PCB TED 25-01                               COMPANION BILL: None
TITLE: Documentary Stamp Tax                        LINKED BILLS: None
SPONSOR(S): Transportation & Economic Development RELATED BILLS: None
Budget Subcommittee
Committee References
                       Orig. Comm.: Transportation & Economic Development Budget


SUMMARY
Effect of the Bill:
The bill changes the distribution of documentary stamp taxes by redirecting a portion of the collections that are
currently deposited in state trust funds and deposits those revenues in the General Revenue Fund. The bill also
repeals s. 420.50871, F.S., which outlines the allocation of the portion of these revenues temporarily dedicated for
housing programs.

Fiscal or Economic Impact:
While the bill changes certain distributions of documentary stamp taxes, there is a net zero fiscal impact on state
revenues. The bill reinstates the general revenue service charge previously assessed on documentary stamp taxes
and eliminates an additional time-limited distribution from these revenues being deposited in the State Housing
Trust Fund which began in 2023 and is scheduled to sunset in 2033. This eliminates a $150 million distribution to
the trust fund and increases deposits in the General Revenue Fund by the same amount. The bill does not have any
impact on the standard documentary stamp tax distributions for affordable housing programs, which for Fiscal
Year 2023-24, totaled $149.4 million for the Local Government Housing Trust Fund and $63.7 million for the State
Housing Trust Fund.

The bill also eliminates the distribution of documentary stamp taxes deposited in the State Transportation Trust
Fund and directs those proceeds to general revenue. This will have a negative impact of $466.8 million on the State
Transportation Trust Fund with a positive impact on the General Revenue Fund of the same amount.


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ANALYSIS
EFFECT OF THE BILL:
The bill amends s. 201.15, F.S., to change the distribution of documentary stamp taxes by redirecting a portion of
the collections that are currently deposited in state trust funds and deposits those revenues in the General Revenue
Fund. The bill reinstates the general revenue service charge previously assessed on the documentary stamp tax
which eliminates a $150 million distribution to the State Housing Trust Fund. This additional distribution was
time-limited between 2023 to 2033, and allocated for housing programs as provided in s. 420.50871, F.S. (Section
1)

The bill repeals s. 420.50871, F.S., which provides that 70 percent of the temporarily redistributed funds must
finance projects that:
    • Redevelop an existing affordable housing development while also allowing for the construction of a new
         development within close proximity to the existing development to be rehabilitated;
    • Address urban infill, including conversions of vacant, dilapidated, or functionally obsolete buildings or the
         use of underused commercial property;

STORAGE NAME: PCB01.TED
DATE: 3/26/2025
                                                                                                                                             1
     •   Provide for mixed use of the location, incorporating nonresidential uses, such as retail, office, institutional,
         or other appropriate commercial or nonresidential uses; or
     •   Provide housing near military installations in this state.
The remaining 30 percent must be used to finance projects that:
   • Propose using or leasing public lands;
   • Address needs of young adults who age out of the foster care system;
   • Meet the needs of elderly persons; or
   • Provide housing to meet the needs in areas of rural opportunity. (Section 2)
Prior to 2023, this revenue was deducted as a service charge and deposited into the General Revenue Fund.

The bill also amends s. 201.15, F.S., to redirect the distribution of documentary stamp tax proceeds from the
Department of Transportation to general revenue in the amount of $466.75 million or 20.5453 percent of
remaining revenues after required distributions in each fiscal year is deposited into the State Transportation Trust
Fund for the New Starts Transit Program, the Small County Outreach Program, the Strategic Intermodal System,
and the Transportation Regional Incentive Program. (Section 1)

The bill makes conforming changes by repealing s. 11 of ch. 2023-17, Laws of Florida, which provides that the
service charge on documentary stamp tax that was diverted for affordable housing programs in 2023 would sunset
on July 1, 2033, and repealing s. 45 of ch. 2024-6, Laws of Florida, which amends language that would have been
reverted upon expiration of certain provisions. The bill further amends ss. 201.0205, 339.0801, 339.55, 341.303,
343.58, 420.5092, and 420.9073, F.S., to conform cross-references and provisions to changes made by the bill.
(Sections 3-11)

The bill has an effective date of July 1, 2025. (Section 12)

FISCAL OR ECONOMIC IMPACT:
STATE GOVERNMENT:
The bill reinstates the general revenue service charge previously assessed on documentary stamp taxes and
eliminates an additional, time-limited distribution from these revenues being deposited in the State Housing Trust
Fund which is scheduled to sunset in 2033. This eliminates a $150 million distribution to the trust fund and
increases deposits in the General Revenue Fund by the same amount. The bill does not have any impact on the
standard documentary stamp tax distributions for affordable housing programs, which for Fiscal Year 2023-24,
totaled $149.4 million for the Local Government Housing Trust Fund and $63.7 million for the State Housing Trust
Fund.

The bill also eliminates the distribution of documentary stamp taxes deposited in the State Transportation Trust
Fund and directs those proceeds to general revenue. This will have a negative impact of $466.8 million on the State
Transportation Trust Fund with a positive impact on the General Revenue Fund of the same amount. Current law
allocates these funds among the New Starts Transit Program, the Small County Outreach Program, the Strategic
Intermodal System and the Transportation Regional Incentive Program. The bill does not affect other funding
sources for these programs or inhibit the department from utilizing additional funding sources. Currently other
funding sources used by these programs include local option fuel taxes, motor vehicle title fees and motor vehicle
registration fees. Current projections by the Revenue Estimating Conference of state revenues deposited in the
State Transportation Trust fund outside of documentary state tax proceeds total $4.9 billion for FY 2025-26. 1

LOCAL GOVERNMENT:
None.




1 Office of Economic & Demographic Research, Revenue Estimating Conference Revenues to State Transportation Trust Fund Forecast, (March

3, 2025), https://edr.state.fl.us/Content/conferences/transportation/Transresults.pdf (last visited March 17, 2025).
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PRIVATE SECTOR:
Private sector developers and the construction industry may have less funding to aid in the construction and
rehabilitation of affordable housing and transportation facilities.

RELEVANT INFORMATION
SUBJECT OVERVIEW:
Documentary Stamp Tax
The documentary stamp tax imposes an excise tax on deeds or other documents that convey an interest in Florida
real property. The tax comprises two taxes imposed on different bases at different tax rates. The first tax rate is 70
cents on each $100 of consideration for deeds, instruments, or writings whereby lands, tenements, or other real
property or interests that are granted, assigned, transferred, conveyed, or vested in a purchaser. 2 The second tax
rate is 35 cents per each $100 of consideration for certificates of indebtedness, promissory notes, wage
assignments, and retail charge account agreements. 3 Revenue collected from the documentary stamp tax is divided
between the General Revenue Fund and various trust funds 4 according to the statutory formula in s. 201.15, F.S.

Section 201.15, F.S., prescribes the distribution of revenues from the documentary stamp tax, after payments on
certain outstanding bonds and a distribution to the Land Acquisition Trust Fund. The remaining revenues from the
excise tax on documents are distributed to various trust funds, including the State Housing and Local Government
Housing Trust Funds, and the State Transportation Trust Fund.

Since 1992, documentary stamp tax collections have been annually deposited into the State Housing Trust Fund
and the Local Government Housing Trust Fund for affordable housing programs. In Fiscal Year 2023-24 this
amounted to $149.4 million deposited into the Local Government Housing Trust Fund and $63.7 million into the
State Housing Trust Fund. These funds have historically been appropriated each year for the State Housing
Initiatives Partnership program and the State Apartment Incentive Loan program.

Documentary Stamp Tax Distributions – Affordable Housing
The lesser of eight percent or $150 million of remaining documentary stamp tax proceeds in each fiscal year is
deposited into the State Housing Trust Fund. If eight percent of the remainder is greater than $150 million, the
amount in excess is paid into the General Revenue Fund. The funds deposited into the State Housing Trust Fund
are to be expended by the Florida Housing Finance Corporation (FHFC) as prescribed in s. 420.50871, F.S., as
follows:

FHFC must use 70 percent of the funds to issue competitive requests for application to finance projects that:
   • Redevelop an existing affordable housing development while also allowing for the construction of a new
      development within close proximity to the existing development to be rehabilitated. This process entails
      first constructing a new affordable housing development, then relocating the tenants from the existing
      development to the new development, and finally demolishing the existing development to allow for
      reconstruction of an affordable housing development with more overall units and affordable units;
   • Address urban infill, including conversions of vacant, dilapidated, or functionally obsolete buildings or the
      use of underused commercial property;
   • Provide for mixed use of the location, incorporating nonresidential uses, such as retail, office, institutional,
      or other appropriate commercial or nonresidential uses; or
   • Provide housing near military installations in this state.
The remaining 30 percent must be used to finance projects that:




2 S. 201.02, F.S.
3 S. 201.07, F.S. and S. 201.08, F.S.
4 The Land Acquisition Trust Fund, the State Transportation Trust Fund, the State Economic Enhancement and Development Trust Fund, the

General Inspection Trust Fund, the Water Protection and Sustainability Program Trust Fund, the Resilient Florida Trust Fund, the State
Housing Trust Fund, the Local Government Housing Trust Fund, and the Grants and Donations Trust Fund in COM.
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     •    Propose using or leasing public lands. Projects that propose to use or lease public lands must include a
          resolution or other agreement with the unit of government owning the land to use the land for affordable
          housing purposes;
     •    Address needs of young adults who age out of the foster care system;
     •    Meet the needs of elderly persons; or
     •    Provide housing to meet the needs in areas of rural opportunity.
Prior to 2023, this funding was deposited into the General Revenue Fund, and by statute, will revert back to
general revenue in 2033.

In addition, since 1992 a percentage of documentary stamp tax collections has been distributed to the State
Housing and Local Government Housing Trust Funds. Currently, 4.5 percent of documentary stamp tax collections
are distributed to the State Housing Trust Fund as follows:
    • Half of that amount is to be used for the purposes for which the State Housing Trust Fund was created and
        exists by law.
    • Half of that amount is to be deposited into the Local Government Housing Trust Fund and used for the
        purposes for which the Local Government Housing Trust Fund was created and exists by law.
An additional amount equaling 5.20254 percent of the remaining funds is also distributed to the Local Government
Housing Trust Fund as follows:
    • Twelve and one-half percent of that amount is deposited into the State Housing Trust Fund and expended
        by the Department of Commerce and FHFC for the purposes for which the State Housing Trust Fund was
        created and exists by law.
    • Eighty-seven and one-half percent of that amount is distributed to the Local Government Housing Trust
        Fund and used for the purposes for which the Local Government Housing Trust Fund was created and
        exists by law. Funds from this category may also be used to provide for state and local services to assist the
        homeless.
Documentary Stamp Tax Distributions – Transportation
Since 2005, the Department of Transportation has received distributions of the lesser of $466.75 million or
20.5453 percent in each fiscal year in the State Transportation Trust Fund as follows:
    • Ten percent of the funds must be used for Capital funding for the New Starts Transit Program authorized
       by Title 49, U.S.C. s. 5309 and specified in s. 341.051, F.S., which is designed to assist local governments in
       developing and constructing fixed-guideway and bus rapid transit projects in Florida.
    • Ten percent of the funds must be used for the Small County Outreach Program specified in s. 339.2818, F.S.
       This program assists small county governments in repairing or rehabilitating county bridges, paving
       unpaved roads, addressing road-related drainage improvements, resurfacing or reconstructing county
       roads, or constructing capacity or safety improvements to county roads.
    • Seventy five percent of the funds, after deduction of the payments required for the New Starts Transit
       Program and the Small County Outreach Program, must be used for the Strategic Intermodal System
       specified in s. 339.61, F.S., s. 339.62, F.S., s. 339.63, F.S., and s. 339.64, F.S.
    • Twenty five percent of the funds, after deduction of the payments required for the New Starts Transit
       Program and the Small County Outreach Program, must be used for the Transportation Regional Incentive
       Program specified in s. 339.2819, F.S.
General Revenue Service Charge
A service charge of eight percent is assessed on revenue income from most trust funds in the state and is deposited
into the General Revenue Fund. This service charge represents the estimated pro rata share of the cost of general
government paid from the General Revenue Fund. Revenue income includes all earnings received or credited by
such trust funds, including the interest or benefit received from the investment of the principal of such trust funds
as may be permitted by law. 5 Certain income and trust funds are exempt from this service charge. 6

Housing Trust Funds

5 S. 215.20, F.S.
6 See s. 215.22, F.S., for list of exempt revenue and trust funds.

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The State Housing Trust Fund, administered by FHFC, 7 is “to be used for new construction and substantial
rehabilitation of housing, to improve the state’s ability to serve first-time homebuyers, and to increase the
affordability and availability of the housing stock in the State of Florida.” 8 The 1992 Sadowski Act increased
documentary stamp tax rates and provided for a certain proportion of documentary stamp tax revenues to be
distributed to the State Housing Trust Fund. A large portion of these funds are utilized in the State Apartment
Incentive Loan (SAIL) Program.

The Local Government Housing Trust Fund, administered by FHFC, 9 is used to fund the State Housing Initiatives
Partnership (SHIP) Program, which was created “for the purpose of providing funds to local governments as an
incentive for the creation of partnerships to produce and preserve affordable housing.” 10 A certain proportion of
documentary stamp tax revenues are distributed to the Local Government Housing Trust Fund.

Florida Housing Finance Corporation
The Florida Housing Finance Corporation was created in 1997 as a public-private entity to assist in providing a
range of affordable housing opportunities for Floridians. FHFC is a corporation held by the state and housed within
the Department of Commerce (COM). FHFC is a separate budget entity and its operations are not subject to control,
supervision, or direction by COM. 11

The goal of FHFC is to increase the supply of safe, affordable housing for individuals and families with very low to
moderate incomes by stimulating investment of private capital and encouraging public and private sector housing
partnerships. As a financial institution, FHFC administers federal and state resources to finance the development
and preservation of affordable rental housing and assist homebuyers with financing and down payment assistance.

State Apartment Incentive Loan Program (SAIL)
The SAIL program is administered by FHFC and provides low-interest loans on a competitive basis to multifamily
affordable housing developers. 12 These funds often serve to bridge the gap between the development’s primary
financing and the total cost of the development. SAIL program dollars are available for developers proposing to
construct or substantially rehabilitate multifamily rental housing. 13

SAIL program funding is distributed by FHFC through a competitive solicitation process. 14 Each year FHFC issues
several requests for application, formal offers of funding that require aspirant developers to give FHFC detailed
information related to the development. These requests for application vary by geography and the needs of the
community, based on a statewide market study. 15 Applications are then reviewed and scored by FHFC based on a
number of criteria, and awards are made from the highest scoring applications.

Current law allows FHFC to prioritize a portion of SAIL program funding set aside for persons with special needs to
provide funding for the development of newly constructed permanent rental housing on a campus that provides
housing for persons in foster care or persons aging out of foster care. 16 This housing must promote and facilitate
access to community-based supportive, educational, and employment services and resources that assist persons
aging out of foster care to successfully transition to independent living and adulthood.

State Housing Initiatives Partnership Program (SHIP)
The SHIP program was created in 1992 17 to provide funds to local governments as an incentive to create
partnerships that produce and preserve affordable homeownership and multifamily housing. The SHIP program

7 Ch. 92-317, ss. 1-35, Laws of Fla; s. 420.0005, F.S.
8 S. 420.003(5), F.S. (1988).
9 S. 420.9079, F.S.
10 Ch. 92-317, s. 32, Laws of Fla.; s. 420.9072, F.S. (1992).
11 S. 420.504, F.S.
12 S. 420.5087, F.S.
13 Florida Housing Finance Corporation, State Apartment Incentive Loan, (2025), https://floridahousing.org/programs/developers-

multifamily-programs/state-apartment-incentive-loan (last visited March 17, 2025).
14 S. 420.5087(1), F.S.
15 Id.
16 S. 420.5087(10), F.S.
17 Ch. 92-317, Laws of Fla.

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provides funds to all 67 counties and 52 Community Development Block Grant 18 entitlement cities on a population-
based formula to finance and preserve affordable housing based on locally adopted housing plans. 19 SHIP program
funds may be used to pay for emergency repairs, rehabilitation, down payment and closing cost assistance, impact
fees, construction and gap financing, mortgage buydowns, acquisition of property for affordable housing, matching
dollars for federal housing grants and programs, and homeownership counseling. 20

Funds are expended per each local government’s adopted Local Housing Assistance Plan (LHAP), which details the
housing strategies it will use. Local governments submit their LHAPs to FHFC for review to ensure they meet the
broad statutory guidelines and the requirements of the program rules. FHFC must approve an LHAP before a local
government may receive SHIP program funding.

Department of Transportation Programs

State Transportation Trust Fund
Section 206.46, F.S., authorizes the creation of the State Transportation Trust Fund (STTF), which is used by FDOT
to account for the administration of the maintenance and development of the state highway system and other
transportation related projects. STTF’s primary revenue sources from state taxes and fees include fuel taxes and
motor vehicle license related fees. 21 Current projections by the Revenue Estimating Conference of these state
revenues deposited into the STTF total $4.5 billion for Fiscal Year 2025-26. 22

New Starts Transit Program
The New Starts Transit Program was established by the 2005 Florida Legislature to assist local governments in
developing and constructing fixed-guideway and bus rapid transit projects to accommodate and manage urban
growth and development. A secondary purpose of the program is to leverage state funds to generate local
transportation revenues and secure Federal Transit Administration New Starts Program funding for Florida
projects. 23

The department may fund up to 50 percent of the nonfederal share of the costs, not to exceed the local share, of
any eligible public transit capital project or commuter assistance project that is local in scope; except, however,
that departmental participation in the final design, right-of-way acquisition, and construction phases of an
individual fixed-guideway project which is not approved for federal funding shall not exceed an amount equal to
12.5 percent of the total cost of each phase. 24

State funding to support the New Starts Transit Program comes from documentary stamp tax distributions and
certain motor vehicle registration transactions. 25

Small County Outreach Program
The purpose of this program is to assist small county governments in repairing or rehabilitating county bridges,
paving unpaved roads, addressing road-related drainage improvements, resurfacing or reconstructing county
roads, or constructing capacity or safety improvements to county roads.

Small counties are eligible to compete for funds that have been designated for the Small County Outreach Program
(SCOP) for projects on county roads. Available funds are allocated to the districts based on the number of eligible

18 The CDBG program is a federal program created in 1974 that provides funding for housing and community development activities.
19 See s. 420.907, F.S. through s. 420.9089, F.S.
20 S. 420.9075(1)(b)
21 Florida Department of Transportation, Florida’s Transportation Tax Sources, (2025),

https://fdotewp1.dot.state.fl.us/FMSupportApps/Documents/pra/Primer.pdf (last visited March 17, 2025).
22 Office of Economic & Demographic Research, Documentary Stamp Tax Collections and Distributions, (March 14, 2025),

https://edr.state.fl.us/Content/conferences/docstamp/docstampresults.pdf (last visited March 17, 2025).
23 Florida Department of Transportation, Resource Guide for Transit and Transit-Related Programs, (October 2011),

https://fdotwww.blob.core.windows.net/sitefinity/docs/default-source/transit/documents/transitresourceguide_fb4d59a5-c4d5-453d-
98eb-85b33b526588.pdf?sfvrsn=a4a21cda_0 (last visited March 17, 2025).
24 Florida Department of Transportation, Vital Few – Enhancing Mobility, State New Starts Transit Program, (August 2021),

https://floridatransit.org/wp-content/uploads/State-New-Starts_FDOT_Aug2021.pdf (last visited March 17, 2025).
25 S. 320.072, F.S.

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                                                                                                                                     6
counties. The Department of Transportation funds 75 percent of the cost of projects on county roads funded under
the program. Funding to support SCOP comes from documentary stamp tax distributions, local option fuel taxes, 26
and certain motor vehicle registration transactions. 27 Section 339.08, F.S., also authorizes FDOT to use funds in the
State Transportation Trust Fund on SCOP.

Strategic Intermodal System
The Strategic Intermodal System (SIS) is Florida’s high priority network of transportation facilities important to
the state's economy and mobility. The SIS was established in 2003 to focus the state's limited transportation
resources on the facilities most significant for interregional, interstate, and international travel. The SIS is the
state's highest priority for transportation capacity investments and a primary focus for implementing the Florida
Transportation Plan, the state's long-range transportation vision and policy plan. 28

State funding for the SIS comes from documentary stamp tax distributions, and certain motor vehicle registration
transactions. 29 The FDOT is also required to allocate at least 50 percent of any new discretionary highway capacity
funds to the SIS. 30 Section 339.08, F.S., also authorizes FDOT to use funds in the State Transportation Trust Fund on
the SIS.

Transportation Regional Incentive Program
The Transportation Regional Incentive Program was created as part of major growth management legislation
enacted during the 2005 Legislative Session. The purpose of the program is to encourage regional planning by
providing state matching funds for improvements to regionally significant transportation facilities identified and
prioritized by regional partners. FDOT funds 50 percent of the project cost.

Projects to be funded with Transportation Regional Incentive Program funds must, at a minimum:
   • Serve national, statewide, or regional functions and function as part of an integrated regional
        transportation system.
   • Be identified in the capital improvements element of a comprehensive plan that has been determined to be
        in compliance with part II of chapter 163, F.S., after July 1, 2005. Further, the project must be in compliance
        with local government comprehensive plan policies relative to corridor management.
   • Be consistent with the Strategic Intermodal System Plan developed under s. 339.64, F.S.
   • Have a commitment for local, regional, or private financial matching funds as a percentage of the overall
        project cost. 31


RECENT LEGISLATION:

   YEAR                BILL #         HOUSE SPONSOR(S)                  SENATE SPONSOR                   OTHER INFORMATION

   2023               CS/SB 102       Busatta and Lopez, V.                   Calatayud              The bill became law on July 1,
                                                                                                     2023.




26 S. 215.211, F.S.
27 S. 320.072, F.S.
28 Florida Department of Transportation, Florida’s Strategic Intermodal System (SIS), (2025), https://www.fdot.gov/planning/systems/sis

(last visited March 17, 2025).
29 S. 320.072, F.S.
30 S. 339.135 (4)(a)2.
31 S. 339.2819, F.S.

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                                  BILL HISTORY
                                                           STAFF
                                                         DIRECTOR/       ANALYSIS
COMMITTEE REFERENCE             ACTION       DATE       POLICY CHIEF   PREPARED BY
Orig. Comm.: Transportation &                               Davis        McAuliffe
Economic Development Budget
Subcommittee




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F   L      O    R   I   D   A    H   O   U   S   E      O   F      R    E   P   R   E   S   E   N   T   A   T   I   V   E   S




           PCB TED 25-01                              ORIGINAL                                                  2025




    1                                         A bill to be entitled
    2               An act relating to documentary stamp tax
    3               distributions; amending s. 201.15, F.S.; requiring
    4               certain taxes to be collected subject to a specified
    5               service charge; revising how the remainder of such
    6               taxes is distributed; repealing s. 420.50871, F.S.,
    7               relating to allocation of increased documentary stamp
    8               tax revenues; repealing s. 11 of chapter 2023-17, Laws
    9               of Florida, which creates an expiration date for
10                  certain amendments; repealing s. 45 of chapter 2024-6,
11                  Laws of Florida, which amends language that would have
12                  been reverted upon the expiration of certain
13                  provisions; amending ss. 201.0205, 339.0801, 339.55,
14                  341.303, 343.58, 420.5092, and 420.9073, F.S.;
15                  conforming cross-references and provisions to changes
16                  made by the act; providing an effective date.
17
18         Be It Enacted by the Legislature of the State of Florida:
19
20                  Section 1.        Section 201.15, Florida Statutes, is amended to
21         read:
22                  201.15      Distribution of taxes collected.—All taxes
23         collected under this chapter are hereby pledged and shall be
24         first made available to make payments when due on bonds issued
25         pursuant to s. 215.618 or s. 215.619, or any other bonds

                                                         Page 1 of 16
        94880
        CODING: Words stricken are deletions; words underlined are additions.
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F   L   O    R   I   D   A    H   O   U   S   E      O   F      R    E   P   R   E   S   E   N   T   A   T   I   V   E   S




        PCB TED 25-01                              ORIGINAL                                                  2025




26      authorized to be issued on a parity basis with such bonds. Such
27      pledge and availability for the payment of these bonds shall
28      have priority over any requirement for the payment of service
29      charges or costs of collection and enforcement under this
30      section. All taxes collected under this chapter, except taxes
31      distributed to the Land Acquisition Trust Fund pursuant to
32      subsections (1) and (2), are subject to the service charge
33      imposed in s. 215.20(1). Before distribution pursuant to this
34      section, the Department of Revenue shall deduct amounts
35      necessary to pay the costs of the collection and enforcement of
36      the tax levied by this chapter. The costs and service charge may
37      not be levied against any portion of taxes pledged to debt
38      service on bonds to the extent that the costs and service charge
39      are required to pay any amounts relating to the bonds. All of
40      the costs of the collection and enforcement of the tax levied by
41      this chapter and service charge shall be available and
42      transferred to the extent necessary to pay debt service and any
43      other amounts payable with respect to bonds authorized before
44      January 1, 2017, secured by revenues distributed pursuant to
45      this section. All taxes remaining after deduction of costs shall
46      be distributed as follows:
47               (1)     Amounts necessary to make payments on bonds issued
48      pursuant to s. 215.618 or s. 215.619, as provided under
49      paragraphs (3)(a) and (b), or on any other bonds authorized to
50      be issued on a parity basis with such bonds shall be deposited

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51      into the Land Acquisition Trust Fund.
52               (2)     If the amounts deposited pursuant to subsection (1)
53      are less than 33 percent of all taxes collected after first
54      deducting the costs of collection, an amount equal to 33 percent
55      of all taxes collected after first deducting the costs of
56      collection, minus the amounts deposited pursuant to subsection
57      (1), shall be deposited into the Land Acquisition Trust Fund.
58               (3)     Amounts on deposit in the Land Acquisition Trust Fund
59      shall be used in the following order:
60               (a)     Payment of debt service or funding of debt service
61      reserve funds, rebate obligations, or other amounts payable with
62      respect to Florida Forever bonds issued pursuant to s. 215.618.
63      The amount used for such purposes may not exceed $300 million in
64      each fiscal year. It is the intent of the Legislature that all
65      bonds issued to fund the Florida Forever Act be retired by
66      December 31, 2040. Except for bonds issued to refund previously
67      issued bonds, no series of bonds may be issued pursuant to this
68      paragraph unless such bonds are approved and the debt service
69      for the remainder of the fiscal year in which the bonds are
70      issued is specifically appropriated in the General
71      Appropriations Act or other law with respect to bonds issued for
72      the purposes of s. 373.4598.
73               (b)     Payment of debt service or funding of debt service
74      reserve funds, rebate obligations, or other amounts due with
75      respect to Everglades restoration bonds issued pursuant to s.

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76       215.619. Taxes distributed under paragraph (a) and this
77       paragraph must be collectively distributed on a pro rata basis
78       when the available moneys under this subsection are not
79       sufficient to cover the amounts required under paragraph (a) and
80       this paragraph.
81
82       Bonds issued pursuant to s. 215.618 or s. 215.619 are equally
83       and ratably secured by moneys distributable to the Land
84       Acquisition Trust Fund.
85                (4)     After the required distributions to the Land
86       Acquisition Trust Fund pursuant to subsections (1) and (2) and
87       deduction of the service charge imposed pursuant to s.
88       215.20(1), the lesser of 8 percent of the remainder or $150
89       million in each fiscal year shall be paid into the State
90       Treasury to the credit of the State Housing Trust Fund and shall
91       be expended pursuant to s. 420.50871. If 8 percent of the
92       remainder is greater than $150 million in any fiscal year, the
93       difference between 8 percent of the remainder and $150 million
94       shall be paid into the State Treasury to the credit of the
95       General Revenue Fund. the remainder shall be distributed as
96       follows:
97                (a)     The lesser of 20.5453 percent of the remainder or
98       $466.75 million in each fiscal year shall be paid into the State
99       Treasury to the credit of the State Transportation Trust Fund.
100      Notwithstanding any other law, the amount credited to the State

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101      Transportation Trust Fund shall be used for:
102               1.      Capital funding for the New Starts Transit Program,
103      authorized by Title 49, U.S.C. s. 5309 and specified in s.
104      341.051, in the amount of 10 percent of the funds;
105               2.      The Small County Outreach Program specified in s.
106      339.2818, in the amount of 10 percent of the funds;
107               3.      The Strategic Intermodal System specified in ss.
108      339.61, 339.62, 339.63, and 339.64, in the amount of 75 percent
109      of the funds after deduction of the payments required pursuant
110      to subparagraphs 1. and 2.; and
111               4.      The Transportation Regional Incentive Program specified
112      in s. 339.2819, in the amount of 25 percent of the funds after
113      deduction of the payments required pursuant to subparagraphs 1.
114      and 2. The first $60 million of the funds allocated pursuant to
115      this subparagraph shall be allocated annually to the Florida
116      Rail Enterprise for the purposes established in s. 341.303(5).
117               (a)1.(b)         The lesser of 0.1456 percent of the remainder or
118      $3.25 million in each fiscal year shall be paid into the State
119      Treasury to the credit of the Grants and Donations Trust Fund in
120      the Department of Commerce to fund technical assistance to local
121      governments.
122               2.      Moneys distributed pursuant to this paragraph
123      paragraphs (a) and (b) may not be pledged for debt service
124      unless such pledge is approved by referendum of the voters.
125               (b)(c)      An amount equaling 4.5 percent of the remainder in

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126      each fiscal year shall be paid into the State Treasury to the
127      credit of the State Housing Trust Fund. The funds shall be used
128      as follows:
129               1.      Half of that amount shall be used for the purposes for
130      which the State Housing Trust Fund was created and exists by
131      law.
132               2.      Half of that amount shall be paid into the State
133      Treasury to the credit of the Local Government Housing Trust
134      Fund and used for the purposes for which the Local Government
135      Housing Trust Fund was created and exists by law.
136               (c)(d)      An amount equaling 5.20254 percent of the remainder
137      in each fiscal year shall be paid into the State Treasury to the
138      credit of the State Housing Trust Fund. Of such funds:
139               1.      Twelve and one-half percent of that amount shall be
140      deposited into the State Housing Trust Fund and expended by the
141      Department of Commerce and the Florida Housing Finance
142      Corporation for the purposes for which the State Housing Trust
143      Fund was created and exists by law.
144               2.      Eighty-seven and one-half percent of that amount shall
145      be distributed to the Local Government Housing Trust Fund and
146      used for the purposes for which the Local Government Housing
147      Trust Fund was created and exists by law. Funds from this
148      category may also be used to provide for state and local
149      services to assist the homeless.
150               (d)(e)      The lesser of 0.017 percent of the remainder or

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151      $300,000 in each fiscal year shall be paid into the State
152      Treasury to the credit of the General Inspection Trust Fund to
153      be used to fund oyster management and restoration programs as
154      provided in s. 379.362(3).
155               (e)(f)      A total of $75 million shall be paid into the State
156      Treasury to the credit of the State Economic Enhancement and
157      Development Trust Fund within the Department of Commerce.
158               (f)(g)      An amount equaling 5.4175 percent of the remainder
159      shall be paid into the Resilient Florida Trust Fund to be used
160      for the purposes for which the Resilient Florida Trust Fund was
161      created and exists by law. Funds may be used for planning and
162      project grants.
163               (g)(h)      An amount equaling 5.4175 percent of the remainder
164      shall be paid into the Water Protection and Sustainability
165      Program Trust Fund to be used to fund water quality improvement
166      grants as specified in s. 403.0673.
167               (5)     Notwithstanding s. 215.32(2)(b)4.a., funds distributed
168      to the State Housing Trust Fund and expended pursuant to s.
169      420.50871 and funds distributed to the State Housing Trust Fund
170      and the Local Government Housing Trust Fund pursuant to
171      paragraph (4)(c) paragraphs (4)(c) and (d) may not be
172      transferred to the General Revenue Fund in the General
173      Appropriations Act.
174               (6)     After the distributions provided in the preceding
175      subsections, any remaining taxes shall be paid into the State

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176      Treasury to the credit of the General Revenue Fund.
177               Section 2.        Section 420.50871, Florida Statutes, is
178      repealed.
179               Section 3.        Section 11 of chapter 2023-17, Laws of Florida,
180      is repealed.
181               Section 4.        Section 45 of chapter 2024-6, Laws of Florida,
182      is repealed.
183               Section 5.         Section 201.0205, Florida Statutes, is amended
184      to read:
185               201.0205         Counties that have implemented ch. 83-220;
186      inapplicability of 10-cent tax increase by s. 2, ch. 92-317.—The
187      10-cent tax increase in the documentary stamp tax levied by s.
188      2, chapter 92-317, Laws of Florida, does not apply to deeds and
189      other taxable instruments relating to real property located in
190      any county that has implemented the provisions of chapter 83-
191      220, Laws of Florida, as amended by chapters 84-270, 86-152, and
192      89-252, Laws of Florida. Each such county and each eligible
193      jurisdiction within such county may not participate in programs
194      funded pursuant to s. 201.15(4)(b) s. 201.15(4)(c). However,
195      each such county and each eligible jurisdiction within such
196      county may participate in programs funded pursuant to s.
197      201.15(4)(c) s. 201.15(4)(d).
198               Section 6.         Subsection (3) of section 339.0801, Florida
199      Statutes, is amended to read:
200               339.0801         Allocation of increased revenues derived from

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201      amendments to s. 319.32(5)(a) by ch. 2012-128.—Funds that result
202      from increased revenues to the State Transportation Trust Fund
203      derived from the amendments to s. 319.32(5)(a) made by this act
204      must be used annually, first as set forth in subsection (1) and
205      then as set forth in subsections (2)-(4), notwithstanding any
206      other provision of law:
207               (3)     Beginning in the 2013-2014 fiscal year and annually
208      thereafter, $10 million shall be allocated to the Small County
209      Outreach Program to be used as specified in s. 339.2818. These
210      funds are in addition to the funds provided for the program
211      pursuant to s. 201.15(4)(a)2.
212               Section 7.        Subsection (9) of section 339.55, Florida
213      Statutes, is amended to read:
214               339.55      State-funded infrastructure bank.—
215               (9)     Funds paid into the State Transportation Trust Fund
216      pursuant to s. 201.15(4)(a) for the purposes of the State
217      Infrastructure Bank are hereby annually appropriated for
218      expenditure to support that program.
219               Section 8.        Subsection (5) of section 341.303, Florida
220      Statutes, is amended to read:
221               341.303      Funding authorization and appropriations;
222      eligibility and participation.—
223               (5)     FUND PARTICIPATION; FLORIDA RAIL ENTERPRISE.—The
224      department, through the Florida Rail Enterprise, is authorized
225      to use funds provided pursuant to s. 201.15(4)(a)4. before July

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226      1, 2025, to fund:
227               (a)     Up to 50 percent of the nonfederal share of the costs
228      of any eligible passenger rail capital improvement project.
229               (b)     Up to 100 percent of planning and development costs
230      related to the provision of a passenger rail system, including,
231      but not limited to, preliminary engineering, revenue studies,
232      environmental impact studies, financial advisory services,
233      engineering design, and other appropriate professional services.
234               (c)     The high-speed rail system.
235               (d)     Projects necessary to identify or address anticipated
236      impacts of increased freight rail traffic resulting from the
237      implementation of passenger rail systems as provided in s.
238      341.302(3)(b).
239               Section 9.        Paragraph (b) of subsection (4) of section
240      343.58, Florida Statutes, is amended to read:
241               343.58      County funding for the South Florida Regional
242      Transportation Authority.—
243               (4)     Notwithstanding any other provision of law to the
244      contrary and effective July 1, 2010, until as provided in
245      paragraph (d), the department shall transfer annually from the
246      State Transportation Trust Fund to the South Florida Regional
247      Transportation Authority the amounts specified in subparagraph
248      (a)1. or subparagraph (a)2.
249               (b)     Funding required by this subsection may not be
250      provided from the funds dedicated to the Florida Rail Enterprise

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251      as described in s. 341.303(5) pursuant to s. 201.15(4)(a)4.
252               Section 10.           Subsections (5) and (6) of section 420.5092,
253      Florida Statutes, are amended to read:
254               420.5092         Florida Affordable Housing Guarantee Program.—
255               (5)     Pursuant to s. 16, Art. VII of the State Constitution,
256      the corporation may issue, in accordance with s. 420.509,
257      revenue bonds of the corporation to establish the guarantee
258      fund. The revenue bonds are primarily payable from and secured
259      by annual debt service reserves, from interest earned on funds
260      on deposit in the guarantee fund, from fees, charges, and
261      reimbursements established by the corporation for the issuance
262      of affordable housing guarantees, and from any other revenue
263      sources received by the corporation and deposited by the
264      corporation into the guarantee fund for the issuance of
265      affordable housing guarantees. If such primary revenue sources
266      are considered insufficient by the corporation, pursuant to the
267      certification provided in subsection (6), to fully fund the
268      annual debt service reserve, the certified deficiency in such
269      reserve is also payable from the first proceeds of the
270      documentary stamp tax moneys deposited into the State Housing
271      Trust Fund pursuant to s. 201.15(4)(b) and (c) s. 201.15(4)(c)
272      and (d) during the ensuing state fiscal year.
273               (6)(a)      If the primary revenue sources to be used for
274      repayment of revenue bonds used to establish the guarantee fund
275      are insufficient for such repayment, the annual principal and

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276      interest due on each series of revenue bonds are payable from
277      funds in the annual debt service reserve. The corporation shall,
278      before June 1 of each year, perform a financial audit to
279      determine whether at the end of the state fiscal year there will
280      be on deposit in the guarantee fund an annual debt service
281      reserve from interest earned pursuant to the investment of the
282      guarantee fund, fees, charges, and reimbursements received from
283      issued affordable housing guarantees and other revenue sources
284      available to the corporation. Based upon the findings in such
285      guarantee fund financial audit, the corporation shall certify to
286      the Chief Financial Officer the amount of any projected
287      deficiency in the annual debt service reserve for any series of
288      outstanding bonds as of the end of the state fiscal year and the
289      amount necessary to maintain such annual debt service reserve.
290      Upon receipt of such certification, the Chief Financial Officer
291      shall transfer to the annual debt service reserve, from the
292      first available taxes distributed to the State Housing Trust
293      Fund pursuant to s. 201.15(4)(b) and (c) s. 201.15(4)(c) and (d)
294      during the ensuing state fiscal year, the amount certified as
295      necessary to maintain the annual debt service reserve.
296               (b)     If the claims payment obligations under affordable
297      housing guarantees from amounts on deposit in the guarantee fund
298      would cause the claims paying rating assigned to the guarantee
299      fund to be less than the third-highest rating classification of
300      any nationally recognized rating service, which classifications

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301      being consistent with s. 215.84(3), the corporation shall
302      certify to the Chief Financial Officer the amount of such claims
303      payment obligations. Upon receipt of such certification, the
304      Chief Financial Officer shall transfer to the guarantee fund,
305      from the first available taxes distributed to the State Housing
306      Trust Fund pursuant to s. 201.15(4)(b) and (c) s. 201.15(4)(c)
307      and (d) during the ensuing state fiscal year, the amount
308      certified as necessary to meet such obligations, such transfer
309      to be subordinate to any transfer referenced in paragraph (a)
310      and not to exceed 50 percent of the amounts distributed to the
311      State Housing Trust Fund pursuant to s. 201.15(4)(b) and (c) s.
312      201.15(4)(c) and (d) during the preceding state fiscal year.
313               Section 11.           Subsections (1), (2), and (3) of section
314      420.9073, Florida Statutes, are amended to read:
315               420.9073         Local housing distributions.—
316               (1)     Distributions calculated in this section shall be
317      disbursed on a quarterly or more frequent basis by the
318      corporation pursuant to s. 420.9072, subject to availability of
319      funds. Each county's share of the funds to be distributed from
320      the portion of the funds in the Local Government Housing Trust
321      Fund received pursuant to s. 201.15(4)(b) s. 201.15(4)(c) shall
322      be calculated by the corporation for each fiscal year as
323      follows:
324               (a)     Each county other than a county that has implemented
325      chapter 83-220, Laws of Florida, as amended by chapters 84-270,

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326      86-152, and 89-252, Laws of Florida, shall receive the
327      guaranteed amount for each fiscal year.
328               (b)      Each county other than a county that has implemented
329      chapter 83-220, Laws of Florida, as amended by chapters 84-270,
330      86-152, and 89-252, Laws of Florida, may receive an additional
331      share calculated as follows:
332               1.      Multiply each county's percentage of the total state
333      population excluding the population of any county that has
334      implemented chapter 83-220, Laws of Florida, as amended by
335      chapters 84-270, 86-152, and 89-252, Laws of Florida, by the
336      total funds to be distributed.
337               2.      If the result in subparagraph 1. is less than the
338      guaranteed amount as determined in subsection (3), that county's
339      additional share shall be zero.
340               3.      For each county in which the result in subparagraph 1.
341      is greater than the guaranteed amount as determined in
342      subsection (3), the amount calculated in subparagraph 1. shall
343      be reduced by the guaranteed amount. The result for each such
344      county shall be expressed as a percentage of the amounts so
345      determined for all counties. Each such county shall receive an
346      additional share equal to such percentage multiplied by the
347      total funds received by the Local Government Housing Trust Fund
348      pursuant to s. 201.15(4)(b) s. 201.15(4)(c) reduced by the
349      guaranteed amount paid to all counties.
350               (2)      Distributions calculated in this section shall be

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351      disbursed on a quarterly or more frequent basis by the
352      corporation pursuant to s. 420.9072, subject to availability of
353      funds. Each county's share of the funds to be distributed from
354      the portion of the funds in the Local Government Housing Trust
355      Fund received pursuant to s. 201.15(4)(c) s. 201.15(4)(d) shall
356      be calculated by the corporation for each fiscal year as
357      follows:
358               (a)      Each county shall receive the guaranteed amount for
359      each fiscal year.
360               (b)      Each county may receive an additional share calculated
361      as follows:
362               1.      Multiply each county's percentage of the total state
363      population, by the total funds to be distributed.
364               2.      If the result in subparagraph 1. is less than the
365      guaranteed amount as determined in subsection (3), that county's
366      additional share shall be zero.
367               3.      For each county in which the result in subparagraph 1.
368      is greater than the guaranteed amount, the amount calculated in
369      subparagraph 1. shall be reduced by the guaranteed amount. The
370      result for each such county shall be expressed as a percentage
371      of the amounts so determined for all counties. Each such county
372      shall receive an additional share equal to this percentage
373      multiplied by the total funds received by the Local Government
374      Housing Trust Fund pursuant to s. 201.15(4)(c) s. 201.15(4)(d)
375      as reduced by the guaranteed amount paid to all counties.

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376               (3)     Calculation of guaranteed amounts:
377               (a)     The guaranteed amount under subsection (1) shall be
378      calculated for each state fiscal year by multiplying $350,000 by
379      a fraction, the numerator of which is the amount of funds
380      distributed to the Local Government Housing Trust Fund pursuant
381      to s. 201.15(4)(b) s. 201.15(4)(c) and the denominator of which
382      is the total amount of funds distributed to the Local Government
383      Housing Trust Fund pursuant to s. 201.15.
384               (b)     The guaranteed amount under subsection (2) shall be
385      calculated for each state fiscal year by multiplying $350,000 by
386      a fraction, the numerator of which is the amount of funds
387      distributed to the Local Government Housing Trust Fund pursuant
388      to s. 201.15(4)(c) s. 201.15(4)(d) and the denominator of which
389      is the total amount of funds distributed to the Local Government
390      Housing Trust Fund pursuant to s. 201.15.
391               Section 12.          This act shall take effect July 1, 2025.




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