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FL S0288
Bill
AI Summary
- Creates the "Main Street Historic Tourism and Revitalization Act," establishing a state tax credit of 20% of qualified rehabilitation expenses for certified historic structures, increasing to 30% for structures located within an Accredited Main Street Program local program area
- Applies to certified historic structures placed in service on or after January 1, 2024, with a minimum of $5,000 in qualified rehabilitation expenses, and requires prior approval for the federal historic rehabilitation tax credit under 26 U.S.C. § 47
- Tax credits may be applied against the state corporate income tax and the insurance premium tax, with unused credits carried forward for up to 5 taxable years
- Allows full sale or transfer of tax credits to other taxpayers with no limit on the number of transactions, requiring joint written notice to the Department of Revenue within 30 days of each transfer
- Requires the Department of Revenue to submit an annual report to the Legislature by December 1 detailing construction jobs created, 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 Appropriations
5/5/2023
Committee Referrals
Appropriations3/15/2023
Finance and Tax2/14/2023
Full Bill Text
No bill text available