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FL H0499
Bill
Status
Failed
5/5/2023
Primary Sponsor
Paula Stark
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AI Summary
- Creates the "Main Street Historic Tourism and Revitalization Act" (s. 220.197, F.S.), establishing state tax credits for the certified rehabilitation of historic structures located in Florida, effective for taxable years beginning on or after January 1, 2024
- Provides a tax credit of 20% of qualified rehabilitation expenses for certified historic structures approved for the federal historic rehabilitation tax credit, or 30% if the structure is located within an Active Main Street or Orlando Main Streets local program area
- Requires qualified expenses to exceed $5,000, the rehabilitation to be certified by the U.S. Secretary of the Interior, and projects with expenses exceeding $750,000 to submit an audited cost report from a certified public accountant
- Allows unused tax credits to be carried forward up to 5 taxable years and permits the sale or transfer of credits to other taxpayers, applicable against both the corporate income tax and the insurance premium tax
- Requires the Department of Revenue to submit annual reports to the Legislature by December 1 detailing construction employment, building uses, affordable housing units created or preserved, and property value changes resulting from certified rehabilitations
Legislative Description
Florida Main Street Program and Historic Preservation Tax Credits
Last Action
Died in Ways & Means Committee
5/5/2023
Committee Referrals
Ways and Means Committee2/1/2023
Full Bill Text
No bill text available