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RALF-CENT BALES TAX <br />Pursuant to Chapter 212, Florida Statutes, the State of <br />Florida is authorized to levy and collect a 6% sales tax on, <br />among other things, the sales price of each item or article of <br />tangible personal property sold at retail in the State of <br />Florida, subject to certain exceptions and dealer allowances. <br />Part VI, Chapter 218, Florida Statutes, as amended (the "Sales Tax <br />Act"), currently provides that 9.888% of the proceeds remitted to <br />the State of Florida by a sales tax dealer located within a <br />particular county (the "Half -Cent Sales Tax") is required to be <br />deposited in the Local Government Half -Cent Sales Tax Clearing <br />Trust Fund in the State Treasury (the "Half -Cent Sales Tax Trust <br />Fund") and is ear -marked for distribution to the governing body <br />of such county and of each participating municipality within that <br />county pursuant to a distribution formula. The Half -Cent Sales <br />Tax is distributed from the Trust Fund on a monthly basis to <br />participating units of local government in accordance with the <br />Half -Cent Sales Tax Act. <br />The Half -Cent Sales Tax collected within a county is <br />distributed to the governing body of each county and to participating <br />municipalities within each such county in accordance with the <br />following formula: <br />County's Share <br />(percentage of <br />total Half -Cent <br />Sales Tax receipts) <br />Each Municipality's <br />Share (percentage of = <br />total Half -Cent Sales <br />Tax receipts) <br />unincorporated <br />area population <br />total County <br />population <br />2/3 incorporated <br />+ area population <br />2/3 incorporated <br />+ area population <br />municipality <br />total County <br />population + <br />population <br />2/3 incorporated <br />area population <br />The formula is revised each year based upon the population <br />estimates prepared by the University of Florida, Bureau of <br />Economic and Business Research. <br />Because distribution of the Half -Cent Sales Tax is based on <br />the population of unincorporated areas within the County relative <br />to the population of incorporated municipalities within the <br />County, the County's share of the Half -Cent Sales Tax would be <br />reduced if unincorporated areas of the County were to be annexed <br />by an existing municipality within the County or if unincorporated <br />areas of the County were to become incorporated municipalities. <br />23 <br />