FL S2426

Amends the definition of "qualified active low-income community business" under the New Markets Development Program to replace vague "substantial portion" language with specific 40 percent thresholds for tangible property use and employee services.

Requires businesses to derive at least 50 percent of gross income from low-income communities OR use at least 50 percent of tangible property in low-income communities OR perform at least 50 percent of services through employees in low-income communities.

Defines the 40 percent tangible property requirement as the average value of property owned or leased within a low-income community divided by total average property value during the taxable year.

Defines the 40 percent services requirement as salaries, wages, and benefits paid to employees in low-income communities divided by total compensation paid during the taxable year.

Adds exception allowing businesses to derive 15 percent or more annual revenue from real estate rental if the primary lessee is another qualified low-income community business under common ownership or control.