Bill Text: FL S1036 | 2025 | Regular Session | Introduced
Bill Title: Conversion of Hotels Into Residential Housing
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2025-02-24 - Filed [S1036 Detail]
Download: Florida-2025-S1036-Introduced.html
Florida Senate - 2025 SB 1036
By Senator Rodriguez
40-01387-25 20251036__
1 A bill to be entitled
2 An act relating to conversion of hotels into
3 residential housing; creating s. 220.1851, F.S.;
4 providing definitions; authorizing a tax credit for
5 certain projects; providing the maximum value of such
6 credit; authorizing the Florida Housing Finance
7 Corporation to allocate the tax credit among certain
8 projects; authorizing the tax credit to be transferred
9 by the recipient; requiring the Department of Revenue
10 to adopt rules; creating s. 420.50931, F.S.; creating
11 the Hotel-to-home Tax Credit Program for a certain
12 purpose; requiring the corporation to determine which
13 projects are eligible for the tax credit; requiring
14 the corporation to establish and adopt certain
15 procedures and to prepare a specified annual plan;
16 requiring such plan to be approved by the Governor;
17 authorizing the corporation to exercise certain
18 powers; requiring the board of directors of the
19 corporation to administer certain procedures and
20 determine allocations on behalf of the corporation;
21 providing requirements for certain procedures;
22 requiring taxpayers to submit an application with
23 certain information to the corporation; authorizing
24 the corporation to request additional information;
25 providing requirements for the approval of an
26 application for a project; providing an effective
27 date.
28
29 Be It Enacted by the Legislature of the State of Florida:
30
31 Section 1. Section 220.1851, Florida Statutes, is created
32 to read:
33 220.1851 Hotel-to-home tax credit.—
34 (1) As used in this section, the term:
35 (a) “Credit period” means the period of 5 years beginning
36 with the year a project is completed.
37 (b) “Designated project” means a qualified project
38 designated pursuant to s. 420.50931 to receive the tax credit
39 under this section.
40 (c) “Qualified project” means a project to redevelop a
41 structure that was originally developed as a hotel, as defined
42 in s. 509.242(1)(a), into residential housing. The term does not
43 include public lodging establishments as defined in s.
44 509.013(4)(a).
45 (2)(a) There shall be allowed a tax credit of up to 9
46 percent, but no more than necessary to make the project
47 feasible, of the total cost of a designated project for each
48 year of the credit period against any tax due for a taxable year
49 under this chapter.
50 (b) The tax credit shall be allocated among designated
51 projects by the Florida Housing Finance Corporation as provided
52 in s. 420.50931.
53 (c) A tax credit allocated to a designated project may be
54 subject to transfer by the recipient. Such transferred credits
55 may not be transferred again. The department shall adopt rules
56 necessary to administer this paragraph.
57 Section 2. Section 420.50931, Florida Statutes, is created
58 to read:
59 420.50931 Hotel-to-home Tax Credit Program.—
60 (1) There is created the Hotel-to-home Tax Credit Program
61 for the purpose of redeveloping hotels into residential housing.
62 (2) The corporation shall determine those qualified
63 projects, as defined in s. 220.1851(1), which shall be
64 considered designated projects under s. 220.1851 and eligible
65 for the corporate tax credit under that section. The corporation
66 shall establish procedures necessary for proper allocation and
67 distribution of tax credits and may exercise all powers
68 necessary to administer the allocation of such credits. The
69 board of directors of the corporation shall administer the
70 allocation procedures and determine allocations on behalf of the
71 corporation. The corporation shall prepare an annual plan, which
72 must be approved by the Governor, containing general guidelines
73 for the allocation of tax credits to designated projects.
74 (3) The corporation shall adopt allocation procedures to
75 ensure that tax credits are used in a fair manner, taking into
76 consideration the timeliness of the application, the location of
77 the proposed project, the relative need in the area for housing,
78 the economic feasibility of the proposed project, the ability of
79 the applicant to complete the proposed project in the calendar
80 year for which the tax credit is sought, and the speed at which
81 converted residential housing will be occupied.
82 (4)(a) A taxpayer who wishes to participate in the Hotel
83 to-home Tax Credit Program must submit an application for tax
84 credit to the corporation. The application must identify the
85 proposed project and the location of the proposed project and
86 include evidence that the proposed project is a qualified
87 project as defined in s. 220.1851(1). The corporation may
88 request any information from an applicant necessary to enable
89 the corporation to make tax credit allocations according to the
90 procedures adopted under subsection (3).
91 (b) The corporation’s approval of an application for a
92 project must be in writing and include a statement of the
93 maximum tax credit allowable to the applicant.
94 Section 3. This act shall take effect July 1, 2025.
