No. SB 992
Filed under Taxes & Budget.
Resilient Buildings; Specifying that owners of resilient buildings are eligible to receive a specified tax credit; specifying that a resilient building may qualify for such tax credit only once; authorizing a building owner to carry forward the unused amount of a tax credit to a subsequent tax year; authorizing the transfer of all or part of the tax credits under certain conditions; prohibiting the Department of Business and Professional Regulation from authorizing tax credits that exceed a certain amount; creating the Florida Resilient Building Advisory Council adjunct to the Department of Business and Professional Regulation, etc.
Plain English Summary
AI-GENERATEDOwners of buildings with LEED silver, gold, or platinum certification meeting the resilience pathway can claim a tax credit against Florida corporate income tax. The credit is available for five consecutive years starting in 2027.
The credit amount depends on the certification level and type, ranging from 50 cents to $2 per square foot annually. A building may qualify for this credit only once, and the Department of Business and Professional Regulation caps total annual authorizations at $50 million.
Unused credit amounts may be carried forward for up to five years or transferred to another taxpayer subject to Florida corporate income tax. Transfers require a written agreement filed jointly with the department within 30 days.
The bill creates a Florida Resilient Building Advisory Council to advise on resilient building policies. The council must review the tax credit program's effectiveness beginning in 2032 and every four years thereafter.
AICreates a new tax credit for owners of buildings with specific LEED resilience certifications, allowing a credit of 50 cents to $2 per square foot annually for five years.
AIPermits building owners to transfer unused tax credits to other taxpayers or carry them forward for up to five years if their own tax liability is insufficient.
AILimits the total amount of tax credits the Department of Business and Professional Regulation may authorize in any single taxable year to $50 million, with a first-come, first-served allocation.
AIEstablishes a new advisory council to the Department of Business and Professional Regulation to provide recommendations on resilient building policies and review the tax credit program's effectiveness.
AIRequires credit recipients to report their building's energy use annually to the Department of Business and Professional Regulation for five years, with failure to report resulting in credit rescission.