HB 1063 - Local Business Taxes Summary

• Repeals Chapter 205, Florida Statutes, which established the Local Business Tax Act, eliminating state authorization for local business taxation.

• Authorizes counties and municipalities that imposed local business taxes as of March 9, 2012 to continue collecting those taxes only to meet debt obligations on bonds or certificates issued before March 9, 2012 with tax revenues explicitly pledged as security.

• Requires excess revenues collected from continued local business taxation beyond amounts needed for bond obligations to be refunded to taxpayers on a pro rata basis.

• Makes conforming amendments to 21 Florida Statutes sections to remove references to Chapter 205 and clarify that local governments cannot require business tax receipts for certain professions and regulatory purposes.

• Takes effect July 1, 2012.