HB 401 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0401-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to ad valorem tax exemption for 2
affordable housing and nonprofit homes; amending s. 3
193.017, F.S.; defining the term "actual rental 4
income" for certain property used for affordable 5
housing purposes; amending s. 196.1975, F.S.; revising 6
ownership entities for nonprofit homes qualifying for 7
an exemption from ad valorem taxation to include 8
certain limited partnerships; providing an effect ive 9
date. 10
11
Be It Enacted by the Legislature of the State of Florida: 12
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Section 1. Subsection (2) of section 193.017, Florida 14
Statutes, is amended to read: 15
193.017 Low-income housing tax credit. —Property used for 16
affordable housing which has rece ived a low-income housing tax 17
credit from the Florida Housing Finance Corporation, as 18
authorized by s. 420.5099, shall be assessed under s. 193.011 19
and, consistent with s. 420.5099(5) and (6), pursuant to this 20
section. 21
(2) The actual rental income from r ent-restricted units in 22
such a property shall be recognized by the property appraiser. 23
For purposes of this subsection, the term "actual rental income" 24
means the annual net operating income for the property 25
HB 401 2022
CODING: Words stricken are deletions; words underlined are additions.
hb0401-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
calculated for the full or partial year of operat ion. 26
Section 2. Subsection (1) of section 196.1975, Florida 27
Statutes, is amended to read: 28
196.1975 Exemption for property used by nonprofit homes 29
for the aged.—Nonprofit homes for the aged are exempt to the 30
extent that they meet the following criteri a: 31
(1) The applicant must be a corporation not for profit 32
under pursuant to chapter 617 or a Florida limited partnership, 33
the sole general partner of which is a corporation not for 34
profit under pursuant to chapter 617 or an entity wholly owned 35
by a corporation not for profit under chapter 617 , and the 36
corporation not for profit must have been exempt as of January 1 37
of the year for which exemption from ad valorem property taxes 38
is requested from federal income taxation by having qualified as 39
an exempt charitable organization under the provisions of s. 40
501(c)(3) of the Internal Revenue Code of 1954 or of the 41
corresponding section of a subsequently enacted federal revenue 42
act. 43
Section 3. This act shall take effect January 1, 2023. 44