FL S0740

Deletes the ad valorem tax exemption for property owned by Florida-based limited partnerships used for affordable housing, limiting the exemption to nonprofit corporations qualified as charitable under Internal Revenue Code section 501(c)(3).

Restricts affordable housing tax exemptions to property owned entirely by nonprofit corporations meeting federal charitable qualification requirements and Revenue Procedure 96-32.

Maintains exemptions for portions of affordable housing property serving extremely low-income, very low-income, low-income, or moderate-income persons as defined in sections 159.603 and 420.0004.

Clarifies that limited liability companies disregarded as entities for federal income tax purposes are treated as owned by their sole member for exemption purposes.

Applies retroactively to the 2013 ad valorem tax rolls upon becoming law.