Joint Resolution
Ad Valorem Property Tax Repeal; Revised State Sales Tax, Annual Adjustment, Distribution; Bonded Indebtedness Protection:
Repeals all provisions of State Constitution relating to ad valorem taxes on real estate & tangible & intangible personal property; provides for revising state sales & use tax to generate in first year after enactment revenues equal to combined sales tax & ad valorem taxes in year preceding enactment, adjusts rate each year by lesser of 3 percent or percentage change in CPI, provides for temporary emergency local option sales tax increases, & provides for distributing revenues to state, counties, municipalities, & school districts; provides for state assumption of responsibility for, & guarantee repayment of, existing indebtedness secured by pledge of revenues secured by ad valorem taxes on real & tangible personal property; provides for effective date of January 1 of year following elector approval; preserves ad valorem tax assessments existing on such date necessary to repay any indebtedness secured by pledge of revenues from ad valorem taxes on real estate & tangible personal property. Amends ss. 1 & 8, Art. VII, s. 1, Art. VIII, & s. 4, Art. IX; repeals ss. 2, 3, 4, 6, 9, & 12, Art. VII & ss. 2, 15, 19, 22, & 26, Art. XII; creates s. 19, Art. VII, s. 28, Art. X, & s. 27, Art. XII.
Effective Date:
Not Specified
Last Event:
Died in Committee on State Affairs on Friday, May 4, 2007 4:12 PM