July 05, 2020
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Bill Text: HB 0767
HB 0767 2004
   
1 A bill to be entitled
2          An act relating to the community contribution tax credit;
3    amending s. 220.183, F.S.; requiring that no more than 80
4    percent of the available annual tax credits may be granted
5    for low-income and very-low-income households, under
6    certain conditions, in order to be eligible for a
7    community contribution tax credit; providing for an
8    alternative use of such credits under certain
9    circumstances; providing an effective date.
10         
11          Be It Enacted by the Legislature of the State of Florida:
12         
13          Section 1. Paragraph (b) of subsection (2) of section
14    220.183, Florida Statutes, is amended to read:
15          220.183 Community contribution tax credit.--
16          (2) ELIGIBILITY REQUIREMENTS.--
17          (b)1.All community contributions must be reserved
18    exclusively for use in projects as defined in s. 220.03(1)(t).
19    The Office of Tourism, Trade, and Economic Development may
20    reserve up to 50 percent of the available annual tax credits for
21    housing for very-low-income households pursuant to s.
22    420.9071(28) for the first 6 months of the fiscal year.
23          2. Within the first 6 months of the fiscal year, no more
24    than 80 percent of the annual tax credits may be approved for
25    donations made to approved sponsors for projects that provide
26    housing for low-income or very-low-income households as defined
27    in s. 420.9071(19) and (28).
28         
29          If less than 20 percent of the annual tax credits for donations
30    made to approved sponsors for projects other than those for low-
31    income or very-low-income households are approved within the
32    first 6 months of the fiscal year, the Office of Tourism, Trade,
33    and Economic Development may approve the balance of tax credits
34    for donations made to approved sponsors for projects that
35    provide housing for low-income or very-low-income households.
36          Section 2. This act shall take effect upon becoming a law.
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