summary
Introduced
02/18/2025
02/18/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An act relating to conversion of hotels into residential housing; creating s. 220.1851, F.S.; providing definitions; authorizing a tax credit for certain projects; providing the maximum value of such credit; authorizing the Florida Housing Finance Corporation to allocate the tax credit among certain projects; authorizing the tax credit to be transferred by the recipient; requiring the Department of Revenue to adopt rules; creating s. 420.50931, F.S.; creating the Hotel-to-home Tax Credit Program for a certain purpose; requiring the corporation to determine which projects are eligible for the tax credit; requiring the corporation to establish and adopt certain procedures and to prepare a specified annual plan; requiring such plan to be approved by the Governor; authorizing the corporation to exercise certain powers; requiring the board of directors of the corporation to administer certain procedures and determine allocations on behalf of the corporation; providing requirements for certain procedures; requiring taxpayers to submit an application with certain information to the corporation; authorizing the corporation to request additional information; providing requirements for the approval of an hb685-00 application for a project; providing an effective date.
AI Summary
This bill creates the Hotel-to-home Tax Credit Program, which aims to encourage the conversion of hotels into residential housing by offering tax incentives. The program allows businesses that redevelop existing hotel structures into residential housing to receive a tax credit of up to 9 percent of the total project cost for each of five consecutive years, with the goal of making such projects financially feasible. The Florida Housing Finance Corporation will be responsible for determining which hotel conversion projects qualify for the tax credit, using criteria such as project location, housing need in the area, economic feasibility, and the applicant's ability to complete the project. Businesses must submit an application to the corporation detailing their proposed project, and if approved, they will receive a written statement specifying the maximum tax credit amount. The tax credits can be transferred once by the recipient, and the Department of Revenue will develop rules to manage this process. The program is set to begin on July 1, 2025, and is designed to help address housing availability by repurposing existing hotel structures into residential units.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Indefinitely postponed and withdrawn from consideration (on 05/03/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2025/685 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/685/BillText/Filed/PDF |
Loading...