No. HB 51
Filed under Taxes & Budget.
Tax Credits for Housing for Homeless Employees; Creates specified tax credits for certain businesses that provide housing for employees; provides requirements to receive such credit; provides maximum amount of tax credits that may be distributed; provides requirements for the use and approval of such credits.
Plain English Summary
AI-GENERATEDBusinesses receive a $2,000 tax credit for each homeless employee they house, provided the rent stays below state limits. The credit applies to employees who were homeless within the last three years.
An additional $1,000 credit is available if the housing is converted from property that sat idle for at least 24 months. The property must meet all building and health codes.
The Department of Commerce must approve the credit before a business can claim it on a tax return. Approvals are granted on a first-come, first-served basis.
The total amount of credits available each year is capped at $5 million. Unused credits may be carried forward for up to two taxable years but cannot be transferred to another entity.
AIBusinesses receive a $2,000 tax credit per homeless employee housed, plus an additional $1,000 if the housing is converted from idle property.
AILimits total annual credits to $5 million, requiring Department of Commerce approval on a first-come, first-served basis before a business can claim the credit on a tax return.
AIRestricts the credit to businesses charging rent at or below the 50th percentile limit set by the Florida Housing Finance Corporation.
AIAllows businesses to carry forward unused credits for up to two taxable years but explicitly prohibits transferring the credit to another entity.