HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 1 of 22
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 the Florida Main Street Program and 2
historic preservation tax credits; creating s. 3
220.197, F.S.; providing a short title; defining 4
terms; specifying eligibility requirements for 5
receiving specified tax credits; specifying 6
requirements for the Department of Revenue relating to 7
approving and denying certain applications and 8
granting credits; specifying requirements for such tax 9
credits; requiring applications to be rolled forward 10
in certain circumstances; authorizing the 11
carryforward, sale, and transfer of such tax credits; 12
providing a limitation; authorizing the department to 13
perform certain audits and examinations; specifying 14
requirements for taxpayers; authorizing the department 15
to issue a notice of deficiency under certain 16
circumstances; providing penalties; requiring the 17
department to submit specified annual reports to the 18
Legislature; providing duties of the department; 19
authorizing the department to adopt rules; amending s. 20
213.053, F.S.; authorizing the department to make 21
certain information available to the Division of 22
Historical Resources and the Secretary of the United 23
States Department of the Interior for specified 24
purposes; amending s. 220.02, F.S.; revising the order 25
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 2 of 22
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
in which tax credits against the corporate income tax 26
or the franchise tax are applied; amending s. 220.13, 27
F.S.; revising the definition of the term "adjusted 28
federal income"; amending s. 624.509, F.S.; revising 29
the order in which tax credits and deductions against 30
the insurance premium tax are applied; creating s. 31
624.5095, F.S.; authorizing certain tax credits to be 32
used against a specified tax; providing applicability; 33
providing construction; authorizing the Department of 34
Revenue to adopt emergency rules for a specified 35
timeframe; providing for expiration of such a uthority; 36
providing applicability; providing effective dates. 37
38
WHEREAS, historic revitalization creates highly paid local 39
construction jobs, and 40
WHEREAS, historic rehabilitation increases the value of 41
buildings and results in a growing state and loca l tax base, and 42
WHEREAS, historic revitalization boosts heritage tourism 43
and creates thriving downtowns that are attractive to main 44
street businesses, and 45
WHEREAS, reusing historic buildings creates affordable 46
spaces for small business incubation, and 47
WHEREAS, repurposing historic buildings saves resources and 48
activates vacant spaces, and 49
WHEREAS, historic rehabilitation projects leverage 50
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 3 of 22
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
significant private investment, and 51
WHEREAS, leveraging state tax incentives increases the 52
effectiveness of federal Historic Preservation Tax Incentives 53
and the Opportunity Zones Program to encourage the historic 54
preservation of existing buildings, and 55
WHEREAS, an increase in rehabilitation activity occurs when 56
a state incentive is combined with federal Historic Prese rvation 57
Tax Incentives, and 58
WHEREAS, many historic buildings in this state need safety 59
upgrades and other improvements that require both public and 60
private investment to return these buildings as assets of their 61
local communities, NOW, THEREFORE , 62
63
Be It Enacted by the Legislature of the State of Florida: 64
65
Section 1. Section 220.197, Florida Statutes, is created 66
to read: 67
220.197 Main Street Historical Tourism and Revitalization 68
Act; tax credits; reports. — 69
(1) SHORT TITLE.—This act may be cited as the "Main Street 70
Historical Tourism and Revitalization Act." 71
(2) DEFINITIONS.—As used in this section, the term: 72
(a) "Active Main Street program" means an area 73
participating under a recognized coordinated Main Street America 74
licensed program or the Orlando Main Streets program. An Active 75
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 4 of 22
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
Main Street program must: 76
1. Have broad-based community support for the comme rcial 77
district revitalization process with strong support from the 78
public and private sectors. 79
2. Have a developed vision and mission statement relevant 80
to community conditions. 81
3. Have a comprehensive work plan. 82
4. Possess a historic preservation et hic. 83
5. Have an active board of directors and committees. 84
6. Have an adequate operating budget. 85
7. Have a paid professional program manager. 86
8. Conduct a program of ongoing training for staff and 87
volunteers. 88
9. Report key statistics. 89
10. Be a current designated Florida Main Street program. 90
(b) "Affordable housing unit" means a housing unit that is 91
affordable, as defined in s. 420.0004(3). 92
(c) "Certified historic structure" means a building and 93
its structural components, as defined in 36 C.F. R. s. 67.2, 94
which is of a character subject to the allowance for 95
depreciation provided in s. 167 of the Internal Revenue Code of 96
1986, as amended, and which is: 97
1. Individually listed in the National Register of 98
Historic Places; or 99
2. Located within a registered historic district and 100
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 5 of 22
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
certified by the United States Secretary of the Interior as 101
being of historic significance to the registered historic 102
district as set forth in 36 C.F.R. s. 67.2. 103
(d) "Certified rehabilitation" means the rehabilitation of 104
a certified historic structure that the United States Secretary 105
of the Interior has certified to the United States Secretary of 106
the Treasury as being consistent with the historic character of 107
the certified historic structure and, if applicable, consistent 108
with the registered historic district in which the certified 109
historic structure is located as set forth in 36 C.F.R. s. 67.2. 110
(e) "Division" means the Division of Historical Resources 111
of the Department of State. 112
(f) "Florida Main Street program" means a statewide 113
historic preservation -based downtown revitalization assistance 114
program created, maintained, and administered by the division 115
under s. 267.031(5). 116
(g) "Local program area" means the specific geographic 117
area in which an Active Main Street progr am is conducted as 118
approved and maintained by the division or in which the Orlando 119
Main Streets program is conducted. 120
(h) "Long-term leasehold" means a leasehold in a 121
nonresidential real property for a term of 39 years or more or a 122
leasehold in a residen tial real property for a term of 27.5 123
years or more. 124
(i) "National Register of Historic Places" means the list 125
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 6 of 22
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
of historic properties significant in American history, 126
architecture, archeology, engineering, and culture maintained by 127
the United States Secr etary of the Interior as authorized in 54 128
U.S.C. s. 302101. 129
(j) "Orlando Main Streets program" means a historic 130
preservation-based district revitalization program administered 131
by the City of Orlando. 132
(k) "Placed in service" means when the property is p laced 133
in a condition or state of readiness and availability for a 134
specifically assigned function. A building is placed in service 135
when the appropriate work has been completed which would allow 136
for occupancy of either the entire building or some identifiabl e 137
portion of the building as detailed in Treasury Regulation 1.46 -138
3(d). 139
(l) "Qualified expenses" means rehabilitation expenditures 140
that qualify for the credit under 26 U.S.C. s. 47 incurred in 141
this state. 142
(m) "Registered historic district" means a dist rict listed 143
in the National Register of Historic Places or a district: 144
1. Designated under general law or local ordinance and 145
certified by the United States Secretary of the Interior as 146
meeting criteria that will substantially achieve the purposes of 147
preserving and rehabilitating buildings of historic significance 148
to the district; and 149
2. Certified by the United States Secretary of the 150
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 7 of 22
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
Interior as meeting substantially all of the requirements for 151
listing a district in the National Register of Historic Pl aces. 152
(3) ELIGIBILITY FOR TAX CREDIT. —For taxable years 153
beginning on or after January 1, 2025, there is allowed a credit 154
against any tax due for a taxable year under this chapter after 155
the application of any other allowable credits by the taxpayer. 156
(a) To claim and receive a tax credit under this section, 157
a taxpayer must submit an application to the department for a 158
tax credit for qualified expenses in the amount and under the 159
conditions and limitations provided in this section against the 160
tax due for a taxable year under this chapter and must provide 161
the department with all of the following: 162
1. An official certificate of eligibility from the 163
division, signed by the State Historic Preservation Officer or 164
the Deputy State Historic Preservation Officer, attesting that 165
the project has been approved by the National Park Service and 166
indicating whether the project is located within a local program 167
area in this state. 168
2. National Park Service Form 10 -168c (Rev. 2023), titled 169
"Historic Preservation Certificat ion Application Part 3 -Request 170
for Certification of Completed Work," or a similar form, signed 171
by an officer of the National Park Service, attesting that the 172
completed rehabilitation meets the United States Secretary of 173
the Interior's Standards for Rehabil itation and is consistent 174
with the historic character of the property and, if applicable, 175
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 8 of 22
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
the district in which the completed rehabilitation is located. 176
The form may be obtained through the National Park Service. 177
3. An identification of the dates during which the 178
certified historic structure was rehabilitated and the date on 179
which the certified historic structure was placed in service. 180
4. Documentation that the taxpayer had an ownership or a 181
long-term leasehold interest in the certified historic structu re 182
in the year during which such structure was placed in service 183
after the certified rehabilitation was completed. 184
5. A list of total qualified expenses incurred by the 185
taxpayer in rehabilitating the certified historic structure. The 186
taxpayer must submit an audited cost report issued by a 187
certified public accountant which itemizes the qualified 188
expenses incurred in rehabilitating the certified historic 189
structure. 190
6. An attestation of the total qualified expenses incurred 191
in this state by the taxpayer in rehabilitating the certified 192
historic structure in this state. 193
7. The information required to be reported by the 194
department in subsection (8) to enable the department to compile 195
its annual report. 196
(b) Within 60 days after receipt of the information 197
required under paragraph (a), the department must approve or 198
deny the application. If approved, the department must provide a 199
letter of certification to the taxpayer consistent with any 200
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 9 of 22
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
restrictions imposed. If the department denies any part of the 201
requested credit, the department must inform the taxpayer of the 202
grounds for the denial. 203
(4) AMOUNT AND DISTRIBUTION OF TAX CREDIT. — 204
(a) The total tax credit claimed annually may not exceed 205
the amount of tax due after any other applicable tax credits and 206
may not exceed the following: 207
1. Twenty percent, up to a maximum of $200,000, of the 208
total qualified expenses incurred in this state in 209
rehabilitating at least one certified historic structure that 210
has been approved by the National Park Service to receive the 211
federal historic rehabilitation tax credit; or 212
2. Thirty percent, up to a maximum of $200,000, of the 213
total qualified expenses incurred in this state in 214
rehabilitating at least one certified historic structure that 215
has been approved by the National Park Service to receive the 216
federal historic rehabilitation tax credit and that is located 217
within a local program area in this state. 218
(b) The tax credit may be used to offset the corporate 219
income tax imposed in s. 220.11 and the insurance premium tax 220
imposed in s. 624.509. An insurer claiming a credit against 221
insurance premium tax liability under this section may not be 222
required to pay any additional retaliatory tax levied pursuant 223
to s. 624.5091 as a result of claiming such credit. Section 224
624.5091 does not limit such credit in any manner. 225
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 10 of 22
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
(c) The combined total amount of tax credits that may be 226
granted for all taxpayers under this section is $25 million per 227
state fiscal year. 228
(d) A taxpayer may not receive more than $1 million in tax 229
credits for a single development project, even if such credits 230
are accrued over multiple tax years. However, additional tax 231
credits purchased from another taxpayer or entity, and carryover 232
tax credits from a prior tax year, may be used by such taxpayer 233
if the additional tax cr edits were accrued from a different 234
development project. 235
(e) The department shall award the tax credits on a first -236
come, first-served basis. 237
(f) If the annual amount of approved tax credits exceeds 238
the maximum provided in paragraph (c), applications sh all be 239
rolled forward to be granted by the department during the 240
following fiscal year. 241
(5) CARRYFORWARD OF TAX CREDIT. — 242
(a) If a taxpayer is eligible for a tax credit that 243
exceeds taxes owed, the taxpayer may carry the unused tax credit 244
forward for a period of up to 5 taxable years. 245
(b) A carryforward is considered the remaining portion of 246
a tax credit that cannot be claimed in the current tax year. 247
(6) SALE OR TRANSFER OF TAX CREDIT. — 248
(a) A taxpayer that incurs qualified expenses may sell or 249
transfer all or part of the tax credit that may otherwise be 250
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 11 of 22
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
claimed to another taxpayer. 251
(b) A taxpayer to which all or part of the tax credit is 252
sold or transferred may sell or transfer all or part of the tax 253
credit that may otherwise be claimed to anothe r taxpayer. 254
(c) A taxpayer that sells or transfers a tax credit to 255
another taxpayer must provide a copy of the certificate of 256
eligibility together with the audited cost report to the 257
purchaser or transferee. 258
(d) Qualified expenses may be counted only o nce in 259
determining the amount of an available tax credit, and more than 260
one taxpayer may not claim a tax credit for the same qualified 261
expenses. 262
(e) There is a limit of two transactions for the sale or 263
transfer of all or part of a tax credit. 264
1. A taxpayer that sells or transfers a tax credit under 265
this subsection and the purchaser or transferee shall jointly 266
submit written notice of the sale or transfer to the department 267
on a form adopted by the department no later than the 30th day 268
after the date of the sale or transfer. The notice must include 269
all of the following: 270
a. The date of the sale or transfer. 271
b. The amount of the tax credit sold or transferred. 272
c. The name and federal tax identification number of the 273
taxpayer that sold or transferred the tax credit and the 274
purchaser or transferee. 275
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 12 of 22
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
d. The amount of the tax credit owned by the taxpayer 276
before the sale or transfer and the amount the selling or 277
transferring taxpayer retained, if any, after the sale or 278
transfer. 279
2. The sale or transfer of a tax credit under this 280
subsection does not extend the period for which a tax credit may 281
be carried forward and does not increase the total amount of the 282
tax credit that may be claimed. 283
3. If a taxpayer claims a tax credit for qualified 284
expenses, another taxpayer may not use the same expenses as the 285
basis for claiming a tax credit. 286
4. Notwithstanding the requirements of this subsection, a 287
tax credit earned by, purchased by, or transferred to a 288
partnership, limited liability company, S corporation, or other 289
pass-through entity may be allocated to the partners, members, 290
or shareholders of that entity and claimed under this section in 291
accordance with any agreement among the partners, members, or 292
shareholders and without regard to the ownership interest o f the 293
partners, members, or shareholders in the rehabilitated 294
certified historic structure. 295
(f) If the tax credit is reduced due to a determination, 296
examination, or audit by the department, the tax deficiency 297
shall be recovered from the taxpayer that sol d or transferred 298
the tax credit or the purchaser or transferee that claimed the 299
tax credit up to the amount of the tax credit taken. 300
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 13 of 22
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
(g) Any subsequent deficiencies shall be assessed against 301
the purchaser or transferee that claimed the tax credit or, in 302
the case of multiple succeeding entities, in the order of tax 303
credit succession. 304
(7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 305
CREDITS; FRAUDULENT CLAIMS. — 306
(a) The department may perform any additional financial 307
and technical audits and examina tions, including examining the 308
accounts, books, or records of the taxpayer, to verify the 309
legitimacy of the qualified expenses included in a tax credit 310
return and to ensure compliance with this section. If requested 311
by the department, the division must pro vide technical 312
assistance for any technical audits or examinations performed 313
under this subsection. 314
(b) It is grounds for forfeiture of previously claimed and 315
received tax credits if the department determines, as a result 316
of an audit or information recei ved from the department, the 317
division, or the United States Department of the Interior or 318
Internal Revenue Service, that a taxpayer received a tax credit 319
pursuant to this section to which the taxpayer was not entitled. 320
In the case of fraud, the taxpayer ma y not claim any future tax 321
credits under this section. 322
(c) The taxpayer must return forfeited tax credits to the 323
department, and such funds shall be paid into the General 324
Revenue Fund. 325
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 14 of 22
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
(d) The taxpayer shall file with the department an amended 326
tax return or such other report as the department prescribes and 327
shall pay any required tax within 60 days after the taxpayer 328
receives notification from the United States Internal Revenue 329
Service that a previously approved tax credit has been revoked 330
or modified, if uncontested, or within 60 days after a final 331
order is issued following proceedings involving a contested 332
revocation or modification order. 333
(e) A notice of deficiency may be issued by the department 334
at any time within 5 years after the date on which th e taxpayer 335
receives notification from the United States Internal Revenue 336
Service that a previously approved tax credit has been revoked 337
or modified. If a taxpayer fails to notify the department of any 338
change in its tax credit claimed, a notice of deficienc y may be 339
issued at any time. In either case, the amount of any proposed 340
assessment set forth in such notice of deficiency is limited to 341
the amount of any deficiency resulting under this section from 342
the recomputation of the taxpayer's tax for the taxable y ear. 343
(f) A taxpayer that fails to report and timely pay any tax 344
due as a result of the forfeiture of its tax credit violates 345
this section and is subject to applicable penalties and 346
interest. 347
(8) ANNUAL REPORT.—Based on the applications submitted and 348
approved, the department must submit a report by December 1 of 349
each year to the President of the Senate and the Speaker of the 350
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 15 of 22
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
House of Representatives that identifies, in the aggregate, all 351
of the following: 352
(a) The number of people employed during the co nstruction 353
phases of the certified rehabilitation who worked to complete 354
the project, including contractors and subcontractors. 355
(b) The use of each newly rehabilitated building and the 356
number of additional people employed for ongoing operations 357
after the certified historic structure is placed in service. 358
(c) The number of affordable housing units created or 359
preserved. 360
(d) The property values before and after the certified 361
rehabilitations. 362
(9) DEPARTMENT DUTIES. —The department shall: 363
(a) Establish or amend any necessary forms required to 364
claim a tax credit under this section. 365
(b) Provide administrative guidelines and procedures 366
required to administer this section, including rules 367
establishing an entitlement to and sale or transfer of a tax 368
credit under this section. 369
(c) Provide examination and audit procedures required to 370
administer this section. 371
(10) RULES.—The department may adopt rules to administer 372
this section. 373
Section 2. Subsection (24) is added to section 213.053, 374
Florida Statutes, to read: 375
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 16 of 22
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
213.053 Confidentiality and information sharing. — 376
(24) The department may make available to the Division of 377
Historical Resources of the Department of State and the 378
Secretary of the United States Department of the Interior or his 379
or her delegate, exclusively for official purposes, information 380
for the purposes of administering the Main Street Historical 381
Tourism and Revitalization Act pursuant to s. 220.197. 382
Section 3. Subsection (8) of section 220.02, Florida 383
Statutes, is amended to read: 384
220.02 Legislative intent. — 385
(8) It is the intent of the Legislature that credits 386
against either the corporate income tax or the franchise tax be 387
applied in the following order: those enumerated in s. 631.828, 388
those enumerated in s. 220.191, those enumer ated in s. 220.181, 389
those enumerated in s. 220.183, those enumerated in s. 220.182, 390
those enumerated in s. 220.1895, those enumerated in s. 220.195, 391
those enumerated in s. 220.184, those enumerated in s. 220.186, 392
those enumerated in s. 220.1845, those enum erated in s. 220.19, 393
those enumerated in s. 220.185, those enumerated in s. 220.1875, 394
those enumerated in s. 220.1876, those enumerated in s. 395
220.1877, those enumerated in s. 220.1878, those enumerated in 396
s. 220.193, those enumerated in former s. 288.9916, those 397
enumerated in former s. 220.1899, those enumerated in former s. 398
220.194, those enumerated in s. 220.196, those enumerated in s. 399
220.198, those enumerated in s. 220.1915, those enumerated in s. 400
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 17 of 22
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
220.199, and those enumerated in s. 220.1991 , and those 401
enumerated in s. 220.197 . 402
Section 4. Paragraph (a) of subsection (1) of section 403
220.13, Florida Statutes, is amended to read: 404
220.13 "Adjusted federal income" defined. — 405
(1) The term "adjusted federal income" means an amount 406
equal to the taxpayer's taxable income as defined in subsection 407
(2), or such taxable income of more than one taxpayer as 408
provided in s. 220.131, for the taxable year, adjusted as 409
follows: 410
(a) Additions.—There shall be added to such taxable 411
income: 412
1.a. The amount of any tax u pon or measured by income, 413
excluding taxes based on gross receipts or revenues, paid or 414
accrued as a liability to the District of Columbia or any state 415
of the United States which is deductible from gross income in 416
the computation of taxable income for the taxable year. 417
b. Notwithstanding sub -subparagraph a., if a credit taken 418
under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878 is 419
added to taxable income in a previous taxable year under 420
subparagraph 11. and is taken as a deduction for federal tax 421
purposes in the current taxable year, the amount of the 422
deduction allowed shall not be added to taxable income in the 423
current year. The exception in this sub -subparagraph is intended 424
to ensure that the credit under s. 220.1875, s. 220.1876, s. 425
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 18 of 22
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
220.1877, or s. 220.1878 is added in the applicable taxable year 426
and does not result in a duplicate addition in a subsequent 427
year. 428
2. The amount of interest which is excluded from taxable 429
income under s. 103(a) of the Internal Revenue Code or any other 430
federal law, less the associated expenses disallowed in the 431
computation of taxable income under s. 265 of the Internal 432
Revenue Code or any other law, excluding 60 percent of any 433
amounts included in alternative minimum taxable income, as 434
defined in s. 55(b)(2) of the Int ernal Revenue Code, if the 435
taxpayer pays tax under s. 220.11(3). 436
3. In the case of a regulated investment company or real 437
estate investment trust, an amount equal to the excess of the 438
net long-term capital gain for the taxable year over the amount 439
of the capital gain dividends attributable to the taxable year. 440
4. That portion of the wages or salaries paid or incurred 441
for the taxable year which is equal to the amount of the credit 442
allowable for the taxable year under s. 220.181. This 443
subparagraph shall e xpire on the date specified in s. 290.016 444
for the expiration of the Florida Enterprise Zone Act. 445
5. That portion of the ad valorem school taxes paid or 446
incurred for the taxable year which is equal to the amount of 447
the credit allowable for the taxable yea r under s. 220.182. This 448
subparagraph shall expire on the date specified in s. 290.016 449
for the expiration of the Florida Enterprise Zone Act. 450
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 19 of 22
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
6. The amount taken as a credit under s. 220.195 which is 451
deductible from gross income in the computation of tax able 452
income for the taxable year. 453
7. That portion of assessments to fund a guaranty 454
association incurred for the taxable year which is equal to the 455
amount of the credit allowable for the taxable year. 456
8. In the case of a nonprofit corporation which hol ds a 457
pari-mutuel permit and which is exempt from federal income tax 458
as a farmers' cooperative, an amount equal to the excess of the 459
gross income attributable to the pari -mutuel operations over the 460
attributable expenses for the taxable year. 461
9. The amount taken as a credit for the taxable year under 462
s. 220.1895. 463
10. Up to nine percent of the eligible basis of any 464
designated project which is equal to the credit allowable for 465
the taxable year under s. 220.185. 466
11. Any amount taken as a credit for the tax able year 467
under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878. The 468
addition in this subparagraph is intended to ensure that the 469
same amount is not allowed for the tax purposes of this state as 470
both a deduction from income and a credit against the t ax. This 471
addition is not intended to result in adding the same expense 472
back to income more than once. 473
12. The amount taken as a credit for the taxable year 474
under s. 220.193. 475
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 20 of 22
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
13. The amount taken as a credit for the taxable year 476
under s. 220.196. The ad dition in this subparagraph is intended 477
to ensure that the same amount is not allowed for the tax 478
purposes of this state as both a deduction from income and a 479
credit against the tax. The addition is not intended to result 480
in adding the same expense back to income more than once. 481
14. The amount taken as a credit for the taxable year 482
pursuant to s. 220.198. 483
15. The amount taken as a credit for the taxable year 484
pursuant to s. 220.1915. 485
16. The amount taken as a credit for the taxable year 486
pursuant to s. 220.199. 487
17. The amount taken as a credit for the taxable year 488
pursuant to s. 220.1991. 489
18. The amount taken as a credit for the taxable year 490
pursuant to s. 220.197. 491
Section 5. Subsection (7) of section 624.509, Florida 492
Statutes, is amended to read : 493
624.509 Premium tax; rate and computation. — 494
(7) Credits and deductions against the tax imposed by this 495
section shall be taken in the following order: deductions for 496
assessments made pursuant to s. 440.51; credits for taxes paid 497
under ss. 175.101 and 185.08; credits for income taxes paid 498
under chapter 220 and the credit allowed under subsection (5), 499
as these credits are limited by subsection (6); the credit 500
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 21 of 22
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
allowed under s. 624.51057; the credit allowed under s. 501
624.51058; the credit allowed under s. 6 24.5095; and all other 502
available credits and deductions. 503
Section 6. Section 624.5095, Florida Statutes, is created 504
to read: 505
624.5095 Premium tax credits related to historic 506
preservation.— 507
(1) Tax credits accrued through a certified rehabilitation 508
as defined in s. 220.197 and 36 C.F.R. s. 67.2 may be used 509
against any tax due for the taxable year under s. 624.509(1), as 510
limited under s. 624.509(6). 511
(2) The certified rehabilitation may eit her be completed 512
by the insurer pursuant to s. 220.197 or the insurer may 513
purchase the tax credit from a different entity that accrued or 514
purchased the tax credit pursuant s. 220.197. 515
(3) An insurer claiming a tax credit under this section is 516
not required to pay any additional retaliatory tax levied 517
pursuant to s. 624.5091 as a result of claiming such credit. The 518
tax credit under this section is not limited by s. 624.5091. 519
Section 7. (1) The Department of Revenue may, and all 520
conditions are deemed m et to, adopt emergency rules under s. 521
120.54(4), Florida Statutes, for the purpose of implementing the 522
Main Street Historical Tourism and Revitalization Act. 523
(2) Notwithstanding any other law, emergency rules adopted 524
under this section are effective for 6 months after adoption and 525
HB 1183 2024
CODING: Words stricken are deletions; words underlined are additions.
hb1183-00
Page 22 of 22
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
may be renewed during the pendency of procedures to adopt 526
permanent rules addressing the subject of the emergency rules. 527
(3) This section shall take effect upon this act becoming 528
a law and expires July 1, 2025. 529
Section 8. This act applies to taxable years beginning, 530
and for qualified expenses incurred, on or after January 1, 531
2025. 532
Section 9. Except as otherwise expressly provided in this 533
act and except for this section, which shall take effect upon 534
becoming a law, this act shall take effect July 1, 2024. 535