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FL S1924
Bill
AI Summary
- Creates a corporate income tax credit of up to 5% for landlords who limit rent increases to no more than 5% per year in lease agreements of up to 3 years for dwelling units leased to college students or recent college graduates (those who graduated within the past 5 years from a Florida institution)
- Provides an additional tax credit of up to 10% for landlords who lease units to college students or recent graduates at monthly rental rates meeting state needs as determined by the Shimberg Center for Affordable Housing at the University of Florida
- Grants an additional tax credit of 5% or 10% to landlords who include a right-to-purchase option in 100% of their lease agreements, with the higher credit applying when units are offered below fair market value as determined by appraisal
- Limits total tax credits to no more than 25% of a landlord's total corporate tax liability in any year, and requires landlords to apply rent-increase limits to at least 25% of their dwelling units at a given property to qualify
- Requires the Shimberg Center for Affordable Housing to include recommendations for affordable housing rental needs in its annual report to the Legislature, effective July 1, 2022
Legislative Description
Affordable Housing
Last Action
Died in Finance and Tax
3/14/2022
Full Bill Text
No bill text available