Section 497.2675 - Withdrawal methods from the care and maintenance trust fund(1) The board shall adopt rules, with the approval of the department, to administer ss. 497.267 and 497.268, including, but not limited to:(a) Reporting requirements for a cemetery licensed under this chapter, including the requirement that specific reports be made on forms designed and approved by the board by rule.(b) Rules to address a cemetery licensed under this chapter whose pro rata share of the fair market value of the trust has not grown over a 3-year average, including limiting withdrawals from the care and maintenance trust fund, and any exceptions approved by the board.(2) Each cemetery company licensed under this chapter shall elect one of two withdrawal methods, as specified in paragraphs (a) and (b), for withdrawals from the cemetery company's care and maintenance trust fund. The board shall adopt rules, with the approval of the department, to administer this subsection. (a)Net income withdrawal method.-Net income may be withdrawn from the trust, as earned, on a monthly basis.(b)Total return withdrawal method.-The licensee shall multiply the average fair market value of its pro rata share of the trust by the total return withdrawal percentage and may withdraw one-fourth of that amount at least quarterly beginning the first quarter of the new trust year. The initial total return withdrawal percentage elected by the licensee may not increase the total return withdrawal percentage for that quarter. For purposes of this paragraph, "average fair market value" means, in relation to a trust, the average of the fair market value of each asset held by the trust at the beginning of the current year and in each of the 2 previous years, or for the entire term of the trust if there are less than 2 previous years, and adjusted as follows: 1. If assets are added to the trust during the years used to determine the average, the amount of each addition is added to all years in which such addition is not included.2. If assets are distributed from the trust during the years used to determine the average, other than in satisfaction of the unitrust amount, as defined in s. 738.1041, the amount of each distribution is subtracted from all other years in which such distribution is not included.(3) Without regard to the withdrawal method selected, taxes on capital gains, if any, must be paid from the trust principal.Added by 2016 Fla. Laws, ch. 172, s 8, eff. 7/1/2016.