| 16 | | - | nonprofit homes for the aged; amending s. 196.1975, 3 |
|---|
| 17 | | - | F.S.; revising ownership entities for certain 4 |
|---|
| 18 | | - | nonprofit homes qualifying for an exemption from ad 5 |
|---|
| 19 | | - | valorem taxation to include certain limited 6 |
|---|
| 20 | | - | partnerships; providing an effective date. 7 |
|---|
| 21 | | - | 8 |
|---|
| 22 | | - | Be It Enacted by the Legislature of the State of Florida: 9 |
|---|
| 23 | | - | 10 |
|---|
| 24 | | - | Section 1. Subsection (1) of section 196.1975, Florida 11 |
|---|
| 25 | | - | Statutes, is amended to read: 12 |
|---|
| 26 | | - | 196.1975 Exemption for property used by nonprofit homes 13 |
|---|
| 27 | | - | for the aged.—Nonprofit homes for the aged are exempt to the 14 |
|---|
| 28 | | - | extent that they meet the following criteria: 15 |
|---|
| 29 | | - | (1) The applicant must be a corporation not for profit 16 |
|---|
| 30 | | - | under pursuant to chapter 617 or a Florida limited partnership, 17 |
|---|
| 31 | | - | the sole general partner of which is a corporation not for 18 |
|---|
| 32 | | - | profit under pursuant to chapter 617 or an entity wholly owned 19 |
|---|
| 33 | | - | by a corporation not for profit under chapter 617 , and the 20 |
|---|
| 34 | | - | corporation not for prof it must have been exempt as of January 1 21 |
|---|
| 35 | | - | of the year for which exemption from ad valorem property taxes 22 |
|---|
| 36 | | - | is requested from federal income taxation by having qualified as 23 |
|---|
| 37 | | - | an exempt charitable organization under the provisions of s. 24 |
|---|
| 38 | | - | 501(c)(3) of the Internal Revenue Code of 1954 or of the 25 |
|---|
| 16 | + | affordable housing and nonprofit homes; amending s. 3 |
|---|
| 17 | + | 193.017, F.S.; defining the term "actual rental 4 |
|---|
| 18 | + | income" for certain property used for affordable 5 |
|---|
| 19 | + | housing purposes; amending s. 196.1975, F.S.; revising 6 |
|---|
| 20 | + | ownership entities for nonprofit homes qualifying for 7 |
|---|
| 21 | + | an exemption from ad valorem taxation to include 8 |
|---|
| 22 | + | certain limited partnerships; providing an effect ive 9 |
|---|
| 23 | + | date. 10 |
|---|
| 24 | + | 11 |
|---|
| 25 | + | Be It Enacted by the Legislature of the State of Florida: 12 |
|---|
| 26 | + | 13 |
|---|
| 27 | + | Section 1. Subsection (2) of section 193.017, Florida 14 |
|---|
| 28 | + | Statutes, is amended to read: 15 |
|---|
| 29 | + | 193.017 Low-income housing tax credit. —Property used for 16 |
|---|
| 30 | + | affordable housing which has rece ived a low-income housing tax 17 |
|---|
| 31 | + | credit from the Florida Housing Finance Corporation, as 18 |
|---|
| 32 | + | authorized by s. 420.5099, shall be assessed under s. 193.011 19 |
|---|
| 33 | + | and, consistent with s. 420.5099(5) and (6), pursuant to this 20 |
|---|
| 34 | + | section. 21 |
|---|
| 35 | + | (2) The actual rental income from r ent-restricted units in 22 |
|---|
| 36 | + | such a property shall be recognized by the property appraiser. 23 |
|---|
| 37 | + | For purposes of this subsection, the term "actual rental income" 24 |
|---|
| 38 | + | means the annual net operating income for the property 25 |
|---|
| 51 | | - | corresponding section of a subsequently enacted federal revenue 26 |
|---|
| 52 | | - | act. 27 |
|---|
| 53 | | - | Section 2. This act shall take effect January 1, 2023. 28 |
|---|
| 51 | + | calculated for the full or partial year of operat ion. 26 |
|---|
| 52 | + | Section 2. Subsection (1) of section 196.1975, Florida 27 |
|---|
| 53 | + | Statutes, is amended to read: 28 |
|---|
| 54 | + | 196.1975 Exemption for property used by nonprofit homes 29 |
|---|
| 55 | + | for the aged.—Nonprofit homes for the aged are exempt to the 30 |
|---|
| 56 | + | extent that they meet the following criteri a: 31 |
|---|
| 57 | + | (1) The applicant must be a corporation not for profit 32 |
|---|
| 58 | + | under pursuant to chapter 617 or a Florida limited partnership, 33 |
|---|
| 59 | + | the sole general partner of which is a corporation not for 34 |
|---|
| 60 | + | profit under pursuant to chapter 617 or an entity wholly owned 35 |
|---|
| 61 | + | by a corporation not for profit under chapter 617 , and the 36 |
|---|
| 62 | + | corporation not for profit must have been exempt as of January 1 37 |
|---|
| 63 | + | of the year for which exemption from ad valorem property taxes 38 |
|---|
| 64 | + | is requested from federal income taxation by having qualified as 39 |
|---|
| 65 | + | an exempt charitable organization under the provisions of s. 40 |
|---|
| 66 | + | 501(c)(3) of the Internal Revenue Code of 1954 or of the 41 |
|---|
| 67 | + | corresponding section of a subsequently enacted federal revenue 42 |
|---|
| 68 | + | act. 43 |
|---|
| 69 | + | Section 3. This act shall take effect January 1, 2023. 44 |
|---|