House Bill 5501 amends section 201.15 of the Florida Statutes to introduce a service charge on certain taxes collected under the documentary stamp tax, while also revising the distribution of remaining tax revenues to prioritize bond payments over service charges and collection costs. The bill repeals section 420.50871, which pertains to the allocation of increased documentary stamp tax revenues, and removes expiration dates for certain amendments in previous laws. Key changes include the insertion of language that mandates service charges on taxes distributed to the Land Acquisition Trust Fund and the State Housing Trust Fund, as well as the deletion of specific percentage allocations for various funds, allowing for a more flexible distribution of remaining taxes.

Furthermore, the bill specifies that the Chief Financial Officer will transfer funds to the guarantee fund based on certified claims payment obligations, with the transfer amount being subordinate to other specified transfers and capped at 50% of the amounts distributed to the State Housing Trust Fund. It updates the calculation methods for each county's share of funds, ensuring that distributions are based on the most current legal references. The guaranteed amount for each county is set at $350,000 multiplied by a fraction that considers total funds distributed to the Local Government Housing Trust Fund. These changes aim to streamline the funding process and ensure equitable distribution among counties, with the act set to take effect on July 1, 2025.

Statutes affected:
H 5501 Filed: 201.15, 201.0205, 339.0801, 339.55, 341.303, 343.58