FL S0474

Postpones the expiration date of the community contribution tax credit program from June 30, 2015 to June 30, 2025 for sales and use tax, corporate income tax, and insurance premium tax.

Allows tax credits of 50 percent of approved annual community contributions made to eligible sponsors undertaking revitalization and housing projects, with a maximum annual credit of $200,000 per person.

Allocates $10.5 million annually for projects providing homeownership opportunities for low-income or very low-income households and $3.5 million annually for all other qualifying projects.

Requires all projects to be approved by the Department of Economic Opportunity and located in enterprise zones or Front Porch Florida Communities, except for housing projects or rural broadband projects which are exempt from area restrictions.

Clarifies terminology to reference household income definitions in statute section 420.9071 rather than specific subsection numbers throughout the program requirements and eligibility provisions.