No. HB 1131
Filed under Taxes & Budget.
Ad Valorem Tax Exemption for Nonprofit Homes for the Aged; Revises eligibility requirement for Florida limited partnerships applying for certain ad valorem tax exemption.
Plain English Summary
AI-GENERATEDThe bill expands who can qualify for a property tax exemption. It allows limited partnerships where the general partner is wholly owned by a nonprofit corporation, even if that corporation is not licensed under chapter 429.
It also updates the legal reference for nonprofit corporations. The text now points to chapter 617 instead of the previous statutory citation, aligning the requirement with current law.
These changes apply to the 2027 ad valorem tax roll. Entities must meet the new criteria to receive the exemption for that specific tax year.
AIBroadens the types of entities that can qualify for the property tax exemption.
AIReplaces outdated legal phrasing with current statutory terminology.
AIClarifies the specific federal tax code section required for exemption eligibility.
AISpecifies when the new eligibility rules first apply to property tax assessments.