Florida 2025 Regular Session

Florida House Bill H0685 Compare Versions

Only one version of the bill is available at this time.

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10	10	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
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14	14	A bill to be entitled 1
15	15	An act relating to conversion of hotels into 2
16	16	residential housing; creating s. 220.1851, F.S.; 3
17	17	providing definitions; authorizing a tax credit for 4
18	18	certain projects; providing the maximum value of such 5
19	19	credit; authorizing the Florida Housing Finance 6
20	20	Corporation to allocate the tax credit among certain 7
21	21	projects; authorizing the tax credit to be transferred 8
22	22	by the recipient; requiring the Department of Revenue 9
23	23	to adopt rules; creating s. 420.50931, F.S.; creating 10
24	24	the Hotel-to-home Tax Credit Program for a certa in 11
25	25	purpose; requiring the corporation to determine which 12
26	26	projects are eligible for the tax credit; requiring 13
27	27	the corporation to establish and adopt certain 14
28	28	procedures and to prepare a specified annual plan; 15
29	29	requiring such plan to be approved by the Governo r; 16
30	30	authorizing the corporation to exercise certain 17
31	31	powers; requiring the board of directors of the 18
32	32	corporation to administer certain procedures and 19
33	33	determine allocations on behalf of the corporation; 20
34	34	providing requirements for certain procedures; 21
35	35	requiring taxpayers to submit an application with 22
36	36	certain information to the corporation; authorizing 23
37	37	the corporation to request additional information; 24
38	38	providing requirements for the approval of an 25
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47	47	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
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51	51	application for a project; providing an effective 26
52	52	date. 27
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54	54	Be It Enacted by the Legislature of the State of Florida: 29
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56	56	Section 1. Section 220.1851, Florida Statutes, is created 31
57	57	to read: 32
58	58	220.1851 Hotel-to-home tax credit.— 33
59	59	(1) As used in this section, the term: 34
60	60	(a) "Credit period" means the period of 5 years be ginning 35
61	61	with the year a project is completed. 36
62	62	(b) "Designated project" means a qualified project 37
63	63	designated pursuant to s. 420.50931 to receive the tax credit 38
64	64	under this section. 39
65	65	(c) "Qualified project" means a project to redevelop a 40
66	66	structure that was originally developed as a hotel, as defined 41
67	67	in s. 509.242(1)(a), into residential housing. 42
68	68	(2)(a) There shall be allowed a tax credit of up to 9 43
69	69	percent, but no more than necessary to make the project 44
70	70	feasible, of the total cost of a designated project for each 45
71	71	year of the credit period against any tax due for a taxable year 46
72	72	under this chapter. 47
73	73	(b) The tax credit shall be allocated among designated 48
74	74	projects by the Florida Housing Finance Corporation as provided 49
75	75	in s. 420.50931. 50
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84	84	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
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88	88	(c) A tax credit alloc ated to a designated project may be 51
89	89	subject to transfer by the recipient. Such transferred credits 52
90	90	may not be transferred again. The department shall adopt rules 53
91	91	necessary to administer this paragraph. 54
92	92	Section 2. Section 420.50931, Florida Statutes, is created 55
93	93	to read: 56
94	94	420.50931 Hotel-to-home Tax Credit Program. — 57
95	95	(1) There is created the Hotel -to-home Tax Credit Program 58
96	96	for the purpose of redeveloping hotels into residential housing. 59
97	97	(2) The corporation shall determine those qualified 60
98	98	projects, as defined in s. 220.1851(1), which shall be 61
99	99	considered designated projects under s. 220.1851 and eligible 62
100	100	for the corporate tax credit under that section. The corporation 63
101	101	shall establish procedures necessary for proper allocation and 64
102	102	distribution of tax cre dits and may exercise all powers 65
103	103	necessary to administer the allocation of such credits. The 66
104	104	board of directors of the corporation shall administer the 67
105	105	allocation procedures and determine allocations on behalf of the 68
106	106	corporation. The corporation shall prep are an annual plan, which 69
107	107	must be approved by the Governor, containing general guidelines 70
108	108	for the allocation of tax credits to designated projects. 71
109	109	(3) The corporation shall adopt allocation procedures to 72
110	110	ensure that tax credits are used in a fair manner , taking into 73
111	111	consideration the timeliness of the application, the location of 74
112	112	the proposed project, the relative need in the area for housing, 75
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121	121	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
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125	125	the economic feasibility of the proposed project, the ability of 76
126	126	the applicant to complete the proposed project in the calendar 77
127	127	year for which the tax credit is sought, and the speed at which 78
128	128	converted residential housing will be occupied. 79
129	129	(4)(a) A taxpayer who wishes to participate in the Hotel -80
130	130	to-home Tax Credit Program must submit an application for tax 81
131	131	credit to the corporation. The application must identify the 82
132	132	proposed project and the location of the proposed project and 83
133	133	include evidence that the proposed project is a qualified 84
134	134	project as defined in s. 220.1851(1). The corporation may 85
135	135	request any information from an applicant necessary to enable 86
136	136	the corporation to make tax credit allocations according to the 87
137	137	procedures adopted under subsection (3). 88
138	138	(b) The corporation's approval of an application for a 89
139	139	project must be in writing and include a statement of th e 90
140	140	maximum tax credit allowable to the applicant. 91
141	141	Section 3. This act shall take effect July 1, 2025. 92