summary
Introduced
01/22/2019
01/22/2019
In Committee
01/30/2019
01/30/2019
Crossed Over
Passed
Dead
05/03/2019
05/03/2019
Introduced Session
2019 Regular Session
Bill Summary
Provides credit against corporate income tax for certain taxpayers owning interests in eligible workforce housing developments; requires FHFC to make agency awards of credit; specifies requirements for claiming & awarding awards; limits amount of awards; provides for allocation of annual credit amounts; requires certification of such amounts; authorizes recipients of credit to carry forward portion of credit; requires corporation to establish procedures to monitor compliance; provides for credit recapture; creates Workforce Housing Tax Credit Program; requires FHFC to administer program & determine which workforce housing developments are eligible for certain tax credits; specifies requirements for administration of program; requires DOR to apply credits to tax liability; requires state workforce housing tax credits to be allowed against insurance premium tax & retaliatory tax after applying certain deductions & credits.
AI Summary
This bill creates the State Workforce Housing Tax Credit Program to stimulate private sector initiatives to increase the supply of workforce housing in Florida. The key provisions are:
1. Taxpayers owning interests in eligible workforce housing developments can claim a tax credit against corporate income tax, capped at 9% of the qualified basis of the development. The credit can be claimed annually over 10 years.
2. The Florida Housing Finance Corporation (FHFC) will administer the program, determine eligible developments, and award tax credits, with at least 50% of credits going to developments affordable to those with incomes up to 60% of the area median.
3. The tax credits can also be applied against the insurance premium tax and retaliatory tax, after certain other deductions and credits.
4. The bill establishes requirements for claiming, awarding, and monitoring the tax credits, as well as provisions for credit recapture if the qualified basis decreases. The program is authorized from 2020-2022, with a $50 million annual cap.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Died in Local, Federal and Veterans Affairs Subcommittee (on 05/03/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2019/413 |
| Bill | https://www.flsenate.gov/Session/Bill/2019/413/BillText/Filed/PDF |
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