Duhsantis Wants $1 Billion In Infrastructure Funds For Rising Seas From Documentary Stamp Tax (?)

[hatrack]

Faced with mounting evidence that sea level rise and intensifying storms will cost Florida governments billions into the future, Gov. Ron DeSantis on Thursday announced a $1 billion investment over four years to allow local governments to build new infrastructure to address the impacts. If the Legislature approves the new program, “Resilient Florida” will use revenues from the state documentary stamp tax to pay for the debt service on $1 billion in bonds for projects that address the impacts of climate change.

“The purpose of this is to tackle the challenges posed by flooding, intensifying storm events and sea level rise,” DeSantis said at a news conference to announce his proposal for a record $96.6 billion state budget. “We believe that this makes a lot of economic sense,’’ he said. He added that the goal is “trying to get ahead” of rising property insurance costs by allowing local governments to finance projects.

The proposal says that projects could range from preserving land to building sea walls to address the impact of sea level rise on dozens of government structures and services. The list includes everything from wastewater treatment, water supply, stormwater management, emergency response centers, transportation infrastructure, healthcare, military bases, public housing and public education facilities.

EDIT

Until now, Florida’s main contribution to resilience efforts was the Florida Resilient Coastlines Program which spent its $5.5 million budget on grants to help local governments plan for sea level rise.

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https://www.miamiherald.com/news/local/environment/article248835424.html

[NoMoreRepugs]

1. But but but our last RepugGovernor ShitBird Scott

told us in so many words climate change didn’t exist.

[getagrip_already]

2. what is a documentary stamp tax?

A poll tax on minorities?

[hatrack]

3. It's a tax on real estate transactions, using a set formula for the assessed value of the property

https://www.kisslawyer.com/2018/10/29/what-are-documentary-stamp-taxes-and-when-do-i-have-to-pay-them/

It also applies (in Florida) to lease transfers, cemetery plots, deed in lieu of foreclosure, stuff like that.

[Finishline42]

4. haha

Can't imagine you can generate billions on this...

Documentary stamp tax is an excise tax imposed on certain documents executed, delivered, or recorded in Florida. The most common examples are:

Documents that transfer an interest in Florida real property, such as deeds; and
Mortgages and written obligations to pay money, such as promissory notes.
Tax is paid to the Clerk of Court when the document is recorded. When a taxable document is not recorded, the tax must be paid directly to the Florida Department of Revenue.

Reference: Chapter 201, Florida Statutes

https://floridarevenue.com/taxes/taxesfees/pages/doc_stamp.aspx

[hatrack]

5. And if you did try and generate billions on it, can you imagine what the RE lobby would do?

And the real estate lobby fricking owns Florida.

However much Duhsantis tries to jack it up, I can't imagine that it'll be by much.

[getagrip_already]

6. not if its a flat fee per transaction....

If it's a % of the value of the transaction like a sales tax it could, but it just sounds like a filing fee.

And the money currently being collected is surely already spent. So they would have to increase it incrementally just to raise the new funds.

BBut this sounds like a transfer of wealth tax to republican interests more than anything else. It's not like they can build seawalls or even pumping stations with that money.

It would have been much better spent in prevention than cure.

[hatrack]

7. Yeah, but the "prevention" window closed, oh, when was that . . . .

Some time between now and 33 freaking years ago when James Hansen went to Capitol Hill to say (in effect) "It looks like we have a problem here."

Oh well. Better start pouring that concrete!!