HB 311 - Community Contribution Tax Credit Program

• Extends the expiration date of the community contribution tax credit program from June 30, 2016 to June 30, 2025 for credits against sales and use tax, corporate income tax, and insurance premium tax.

• Maintains tax credit caps at $18.4 million annually for homeownership projects for low-income households and $3.5 million annually for all other projects across all three tax types combined.

• Allows registered taxpayers making donations to eligible sponsors (nonprofits, housing authorities, local governments, etc.) to receive tax credits equal to 50 percent of approved annual contributions, with a $200,000 annual per-person cap.

• Requires Department of Economic Opportunity approval of all projects before tax credits are granted and establishes allocation procedures based on application timing and project type.

• Applies to revitalization and housing projects located in enterprise zones or Front Porch Florida Communities, with limited exceptions for broadband access projects in rural areas.