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FL-CON LAW > Taxation and Bonds > Flashcards

Taxation and Bonds Flashcards

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1
Q

Who imposes ad valorem taxes?

A

State cannot impose it.

Counties and Municipalities can.

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2
Q

What is the revenue cap?

A

It provides that the state can only raise a certain amount of revenue in a year.

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3
Q

What is required in order to overcome the revenue cap?

A

2/3rd super majority requirement for a constitutional amendment.

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4
Q

Does Florida charge income tax?

A

No

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5
Q

Does FL charge corporate tax?

A

Yes but lower than other states.

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6
Q

Does FL have a state sales tax?

A

Yes

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7
Q

Is there an intangible tax? If so, what does it cover?

A

Yes - it covers investment/stocks/bonds

Permitted under state law but generally not enforced

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8
Q

Was is a pari-mutual tax?

A

Tax on gambling - this is source of revenue for the state.

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9
Q

What entities are response for Ad Valorem Taxes?

A

Counties
Cities
School Districts
Special Districts set up in community

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10
Q

True or false: Millage must be done uniformly.

A

True

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11
Q

Is there a leasehold tax? If so, what type of property does it apply to.

A

Yes - property used for commercial use is subject to ad valorem tax.

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12
Q

If a property is used for governmental purposes, is there an ad valorem tax?

A

No

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13
Q

Does agricultural property receive any tax benefits?

A

Yes it is taxed at a lower rate.

Subject to a character and use test.

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14
Q

What types of properties are not subject to ad valorem taxation?

A

1) Property owned by federal government
2) Property owned by state and local government
3) Personal property owned by individual
4) Personal property owned by business
5) Reduction for grand parent quarters
6) Philanthropic Property for education, literary, scientific, religious, or charitable.

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15
Q

Are economic development zones subject to ad valorem taxation?

A

No

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16
Q

How do you enact an economic development zone.

A

Economic: Ordinance plus referendum
Historic: Ordinance is enough

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17
Q

Are taxes the same things as fees?

A

No

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18
Q

What is the rule regarding fees?

A

Fees must be pegged to the per capita use of the facility.

There must be a relationship between the fee charged and the number of people that use it.

All individuals must be charged the same fee.

No surplus should be generated - fee should be enough to cover the cost of operating the facility.

Fee should be used to main the reason for which it is being charged.

Cant divert money raised for a different purpose.

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19
Q

True or False: The state can generate a profit from charging a fee.

A

False - No surplus should be generated - fee should be enough to cover the cost of operating the facility.

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20
Q

True or False: You can divert money raised from charging a fee to cover another purpose.

A

False.

21
Q

Tax or Fee: Charges for parking in a government lot.

A

Fee

22
Q

Tax or Fee: Toll Roads

A

Fee

23
Q

What is a special taxing district?

A

Geographically defined.

Referendum by affected property owners to create the district.

Further vote to tax themselves to pay for particular services that benefit their community.

24
Q

What is an unfunded mandate?

A

When the state government tells the local government to do something but does not provide money for it.

25
Q

What is a way that the state can finance its expenses?

A

Issue debt - bonds

26
Q

What is required for the state to issue a bond?

A

The bond must have a public purpose - broadly defined i.e. anything that promotes tourism

27
Q

True or False: A bond issued by the state cannot have an incidental private benefit.

A

False - this is ok - Court will do a balancing test to make sure that there is a public benefit.

Ex: Football stadiums

28
Q

What is a revenue bond?

A

Bonds that are paid off from the revenue of a project.

Bondholders are paid back from any source other than taxes.

Ex: Building a toll from Bonds.
Paying the bonds from toll revenue.

29
Q

What type of bond is this: Building a toll road from bonds and using the revenue from the tolls to pay the bond.

A

Revenue Bond

30
Q

If the state government issues a revenue bond, must there be a referendum?

A

No - because the bonds are paid from another source other than taxes.

31
Q

If the local government issues a revenue bond, must there be a referendum?

A

No - because the bonds are paid from a source other than taxes.

32
Q

What are general obligation bonds?

A

Bonds paid back through taxes - the state forces the tax payer to pay.

33
Q

Must the state government have the approval of electors to offer a general obligation bond?

A

Yes because the bonds are paid back via taxes paid by the tax payers.

34
Q

What local government have the approval of electors to offer a general obligation bond?

A

Yes if the bond matures more than 12 months after issuance because then it will likely be paid out of future taxes.

35
Q

True or False: There is a court proceeding held in order to make sure that bonds are properly issued.

A

True

36
Q

What party can levy ad valorem taxes against real estate and tangible personal property?

A

Local Government

37
Q

What party can level ad valorem taxes on intangible property?

A

State Government

38
Q

What is the state sales tax?

A

6%

39
Q

What properties are assessed based on character or use?

A

Agricultural Land
Non commercial recreation land
Land use for conservation
Working waterfront properties

40
Q

What vote is required in order to reduce the authority of counties and municipalities to raise revenue and taxes?

A

2/3rd of each house.

41
Q

What is the rule regarding unfunded mandates.

A

Counties and municipalities shall not be bound by laws requiring them to spend funds unless:

1) The legislature has determined that the law fulfills an important state interest
AND
2)
- Funds have been appropriated
- Legis authorizes county/municipality to enact a funding source not available as of Feb 1, 1989
- Law requiring the expense is approved by 2/3rd of both houses
-Expenditure is required to comply with a law that applies to all persons similarly situated
-Law is required to comply with federal requirement for eligibility for federal entitlements that contemplated actions from counties or municipalities.

42
Q

For repayment of revenue bonds, Bondholders ___ look to funds raised from general taxation or other non-designated sources.

A

May Not.

43
Q

True or False: General Obligation Bonds pledge the full faith and credit of the issuer to use the general taxing power to repay the loan.

A

True

44
Q

Can the state or any subdivision become a joint owner or give or lend or use its taxing power or credit to aid any corporation or partnership?

A

No

45
Q

True or False: Governor and Cabinet are authorized to establish reductions necessary to achieve a balanced budget.

A

True

46
Q

Can each branch of government implement own reductions to balance budget?

A

Yes

47
Q

What body recommends changes to the constitutional and statutory taxing guidelines?

A

Taxation and Budget Reform Commission

48
Q

Can the state invest public trust funds in a private entity?

A

Yes

49
Q

Can the local governments jointly own an electrical energy or transmission utility with a private entity?

A

Yes

FL-CON LAW (7 decks)

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