HB 685 2025
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hb685-00
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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 conversion of hotels into 2
residential housing; creating s. 220.1851, F.S.; 3
providing definitions; authorizing a tax credit for 4
certain projects; providing the maximum value of such 5
credit; authorizing the Florida Housing Finance 6
Corporation to allocate the tax credit among certain 7
projects; authorizing the tax credit to be transferred 8
by the recipient; requiring the Department of Revenue 9
to adopt rules; creating s. 420.50931, F.S.; creating 10
the Hotel-to-home Tax Credit Program for a certa in 11
purpose; requiring the corporation to determine which 12
projects are eligible for the tax credit; requiring 13
the corporation to establish and adopt certain 14
procedures and to prepare a specified annual plan; 15
requiring such plan to be approved by the Governo r; 16
authorizing the corporation to exercise certain 17
powers; requiring the board of directors of the 18
corporation to administer certain procedures and 19
determine allocations on behalf of the corporation; 20
providing requirements for certain procedures; 21
requiring taxpayers to submit an application with 22
certain information to the corporation; authorizing 23
the corporation to request additional information; 24
providing requirements for the approval of an 25
HB 685 2025
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hb685-00
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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
application for a project; providing an effective 26
date. 27
28
Be It Enacted by the Legislature of the State of Florida: 29
30
Section 1. Section 220.1851, Florida Statutes, is created 31
to read: 32
220.1851 Hotel-to-home tax credit.— 33
(1) As used in this section, the term: 34
(a) "Credit period" means the period of 5 years be ginning 35
with the year a project is completed. 36
(b) "Designated project" means a qualified project 37
designated pursuant to s. 420.50931 to receive the tax credit 38
under this section. 39
(c) "Qualified project" means a project to redevelop a 40
structure that was originally developed as a hotel, as defined 41
in s. 509.242(1)(a), into residential housing. 42
(2)(a) There shall be allowed a tax credit of up to 9 43
percent, but no more than necessary to make the project 44
feasible, of the total cost of a designated project for each 45
year of the credit period against any tax due for a taxable year 46
under this chapter. 47
(b) The tax credit shall be allocated among designated 48
projects by the Florida Housing Finance Corporation as provided 49
in s. 420.50931. 50
HB 685 2025
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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
(c) A tax credit alloc ated to a designated project may be 51
subject to transfer by the recipient. Such transferred credits 52
may not be transferred again. The department shall adopt rules 53
necessary to administer this paragraph. 54
Section 2. Section 420.50931, Florida Statutes, is created 55
to read: 56
420.50931 Hotel-to-home Tax Credit Program. — 57
(1) There is created the Hotel -to-home Tax Credit Program 58
for the purpose of redeveloping hotels into residential housing. 59
(2) The corporation shall determine those qualified 60
projects, as defined in s. 220.1851(1), which shall be 61
considered designated projects under s. 220.1851 and eligible 62
for the corporate tax credit under that section. The corporation 63
shall establish procedures necessary for proper allocation and 64
distribution of tax cre dits and may exercise all powers 65
necessary to administer the allocation of such credits. The 66
board of directors of the corporation shall administer the 67
allocation procedures and determine allocations on behalf of the 68
corporation. The corporation shall prep are an annual plan, which 69
must be approved by the Governor, containing general guidelines 70
for the allocation of tax credits to designated projects. 71
(3) The corporation shall adopt allocation procedures to 72
ensure that tax credits are used in a fair manner , taking into 73
consideration the timeliness of the application, the location of 74
the proposed project, the relative need in the area for housing, 75
HB 685 2025
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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
the economic feasibility of the proposed project, the ability of 76
the applicant to complete the proposed project in the calendar 77
year for which the tax credit is sought, and the speed at which 78
converted residential housing will be occupied. 79
(4)(a) A taxpayer who wishes to participate in the Hotel -80
to-home Tax Credit Program must submit an application for tax 81
credit to the corporation. The application must identify the 82
proposed project and the location of the proposed project and 83
include evidence that the proposed project is a qualified 84
project as defined in s. 220.1851(1). The corporation may 85
request any information from an applicant necessary to enable 86
the corporation to make tax credit allocations according to the 87
procedures adopted under subsection (3). 88
(b) The corporation's approval of an application for a 89
project must be in writing and include a statement of th e 90
maximum tax credit allowable to the applicant. 91
Section 3. This act shall take effect July 1, 2025. 92