| 18 | | - | specified ad valorem tax exemption; authorizing the 5 |
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| 19 | | - | Department of Revenue to adopt emergency rules; 6 |
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| 20 | | - | providing applicability; providing an effective date. 7 |
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| 21 | | - | 8 |
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| 22 | | - | Be It Enacted by the Legislature of the State of Florida: 9 |
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| 23 | | - | 10 |
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| 24 | | - | Section 1. Paragraph (b) of subsec tion (1) of section 11 |
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| 25 | | - | 196.1978, Florida Statutes, is amended to read: 12 |
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| 26 | | - | 196.1978 Affordable housing property exemption. — 13 |
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| 27 | | - | (1) 14 |
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| 28 | | - | (b) Land that is owned entirely , or is leased from a 15 |
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| 29 | | - | Housing Finance Authority pursuant to part IV of chapter 159, by 16 |
|---|
| 30 | | - | a nonprofit entity that is a corporation not for profit, 17 |
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| 31 | | - | qualified as charitable under s. 501(c)(3) of the Internal 18 |
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| 32 | | - | Revenue Code and in compliance with Rev. Proc. 96 -32, 1996-1 19 |
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| 33 | | - | C.B. 717, and is leased for a minimum of 99 years for the 20 |
|---|
| 34 | | - | purpose of, and is predominantly used for, providing housing to 21 |
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| 35 | | - | natural persons or families meeting the extremely -low-income, 22 |
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| 36 | | - | very-low-income, low-income, or moderate-income limits specified 23 |
|---|
| 37 | | - | in s. 420.0004 is exempt from ad valorem taxation. For purposes 24 |
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| 38 | | - | of this paragraph, land is predom inantly used for qualifying 25 |
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| 18 | + | specified ad valorem tax exemption; providing an 5 |
|---|
| 19 | + | effective date. 6 |
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| 20 | + | 7 |
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| 21 | + | Be It Enacted by the Legislature of the State of Florida: 8 |
|---|
| 22 | + | 9 |
|---|
| 23 | + | Section 1. Paragraph (b) of subsection (1) of section 10 |
|---|
| 24 | + | 196.1978, Florida Statutes, is amended to read: 11 |
|---|
| 25 | + | 196.1978 Affordable housing property exemption. — 12 |
|---|
| 26 | + | (1) 13 |
|---|
| 27 | + | (b) Land that is owned entirely , or is leased from a 14 |
|---|
| 28 | + | Housing Finance Authority pursuant to part IV of chapter 159, by 15 |
|---|
| 29 | + | a nonprofit entity that is a corporation not for profit, 16 |
|---|
| 30 | + | qualified as charitable under s. 501(c)(3) of the Internal 17 |
|---|
| 31 | + | Revenue Code and in compliance with Rev. Proc. 96 -32, 1996-1 18 |
|---|
| 32 | + | C.B. 717, and is leased for a minimum of 99 years for the 19 |
|---|
| 33 | + | purpose of, and is predominantly used for, providing housing to 20 |
|---|
| 34 | + | natural persons or families meeting the extremely -low-income, 21 |
|---|
| 35 | + | very-low-income, low-income, or moderate-income limits specified 22 |
|---|
| 36 | + | in s. 420.0004 is exempt from ad valorem taxation. For purposes 23 |
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| 37 | + | of this paragraph, land is predominantly used for qualifying 24 |
|---|
| 38 | + | purposes if the square footage of the improvements on the lan d 25 |
|---|
| 51 | | - | purposes if the square footage of the improvements on the land 26 |
|---|
| 52 | | - | used to provide qualifying housing is greater than 50 percent of 27 |
|---|
| 53 | | - | the square footage of all improvements on the land. This 28 |
|---|
| 54 | | - | paragraph first applies to the 2024 tax rol l and is repealed 29 |
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| 55 | | - | December 31, 2059. 30 |
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| 56 | | - | Section 2. The Department of Revenue may, and all 31 |
|---|
| 57 | | - | conditions are deemed met to, adopt emergency rules pursuant to 32 |
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| 58 | | - | s. 120.54(4), Florida Statutes, for the purpose of implementing 33 |
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| 59 | | - | s. 196.1978(1)(b), Florida Statutes, as amended by this act. 34 |
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| 60 | | - | Notwithstanding any other law, emergency rules adopted pursuant 35 |
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| 61 | | - | to this section are effective for 6 months after adoption and 36 |
|---|
| 62 | | - | may be renewed during the pendency of procedures to adopt 37 |
|---|
| 63 | | - | permanent rules addressing the subject of the em ergency rules. 38 |
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| 64 | | - | Section 3. The amendment to s. 196.1978, Florida Statutes, 39 |
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| 65 | | - | made by this act first applies to the 2026 tax roll. 40 |
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| 66 | | - | Section 4. This act shall take effect January 1, 2026. 41 |
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| 51 | + | used to provide qualifying housing is greater than 50 percent of 26 |
|---|
| 52 | + | the square footage of all improvements on the land. This 27 |
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| 53 | + | paragraph first applies to the 2024 tax roll and is repealed 28 |
|---|
| 54 | + | December 31, 2059. 29 |
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| 55 | + | Section 2. This act shall take effect July 1, 2025. 30 |
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