FL H0475

Creates a corporate income tax credit for developers and homebuilders equal to up to 50% of the cost of each NSF/ANSI 350 Class R certified noncommercial, residential graywater system purchased, capped at $4,200 per system and $2,000,000 per developer or homebuilder per taxable year, effective for taxable years beginning on or after January 1, 2024.

Requires developers and homebuilders to apply to the Department of Environmental Protection, which must certify eligibility within 60 days of receiving a completed application; no credits may be certified for taxable years beginning on or after January 1, 2027.

Allows unused tax credits to be carried forward for up to 2 taxable years and authorizes both the Department of Revenue and the Department of Environmental Protection to adopt rules for administration.

Authorizes the Department of Revenue to share tax credit information with the Department of Environmental Protection under existing confidentiality requirements.

The tax credit provision is set to be repealed on December 31, 2030, and the act takes effect July 1, 2023.