Joint Resolution
Ad Valorem Tax Repeal; Revised State Sales Tax, Annual Adjustment, Cap, Distribution; Bonded Inedbtedness Protection:
Proposes amendments to State Constitution to prohibit ad valorem taxes on real estate & tangible personal property & repeal related provisions to conform; provide for revising by general law state sales & use tax rate to generate in first year after enactment revenues equal to total revenues from sales & use tax & ad valorem taxes in year preceding enactment, adjust rate each year by lesser of 3 percent or percentage change in CPI, impose 10-percent limit on sales tax rate, limit sales tax exemptions to food, medicine, & clothing costing less than $25, provide for temporary emergency local option sales tax increases, & provide for distributing revenues to state, counties, municipalities, & school districts; provide for state assumption of responsibility for, & to guarantee repayment of, existing indebtedness secured by pledge of revenues secured by ad valorem taxes on real & tangible personal property; such provisions to take effect January 1 of year following approval by electors, except any 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 and tangible personal property are preserved. 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. 28, Art. XII.
Effective Date:
Not Specified
Last Event:
Died in Committee on State Affairs on Friday, May 2, 2008 6:02 PM