FL H1229

Revises the definition of "qualified active low-income community business" to require at least 40 percent (rather than "a substantial portion") of tangible property and employee services to be located or performed in low-income communities, with specific calculation methodologies provided.

Allows an alternative compliance pathway where a business can meet income requirements if it uses at least 50 percent of tangible property or performs at least 50 percent of employee services in low-income communities.

Permits real estate rental revenue to exceed the 15 percent threshold if the primary lessee is another qualified active low-income community business under common ownership or control.

Extends the cure period for qualified community development entities to remedy investment deficiencies from 90 days to 6 months following notice of proposed tax credit recapture.

Limits corrections to only one per qualified equity investment during the 7-year credit period.