Bill > H0627

This bill amends existing Florida law to expand the definition of "Community Contribution" for tax credit purposes, specifically allowing businesses and insurers to contribute real property through a wholly-owned "real property holding company," which is a Florida entity that solely owns real property and is disregarded for federal income tax purposes, to qualify for tax credits against certain tax liabilities. This change aims to broaden the types of contributions eligible for community contribution tax credits, which are granted by the Department of Economic Opportunity (DEO) and can be applied against state sales and use taxes, with an annual cap of $200,000 per person and overall program limits set for different fiscal years and project types, including housing for those with special needs or low-income households, and other community development projects. The bill also clarifies that these tax credits are administered by the DEO and have specific application and eligibility requirements, with the program set to expire on June 30, 2018, though any accrued credit carryovers can still be used for a limited time.