New economic development trust fund approved

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Money from several economic development trust funds ?revenue that mostly comes from rental car surcharges and documentary stamp taxes ?would be diverted into a new single trust fund that the governor could use to more directly target economic development needs under a pair of bills that passed the full House Thursday, reports the News Service of Florida. The bills (HB 7205 and HB 7207) passed over the objection of Democrats, who said the new State Economic Enhancement and Development (SEED) trust fund would cede oversight over state money from the Legislature and give the governor too much power. Both bills passed 81-38 and now go to the Senate. But House Speaker Dean Cannon said in a statement that the legislation would give the governor needed flexibility. ? am confident that by better positioning Florida to take advantage of economic development and infrastructure projects through the SEED Trust Fund, Florida will become dramatically more competitive in the global marketplace,?said Cannon, R-Winter Park.

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