FL H7073

Affordable Housing Property Tax Exemptions: Provides 100% ad valorem exemption for multifamily units (70+ units) housing persons at or below 80% AMI and 75% exemption for 80-120% AMI, with retroactive application to the 2024 tax roll; allows taxing authorities to opt out of the 80-120% AMI exemption by two-thirds vote beginning with the 2025 roll; creates a separate exemption for new construction with 99-year land use restriction agreements starting with the 2026 roll; county/municipal exemptions revised to allow up to 100% for fully affordable properties (s. 196.1978 repealed December 31, 2059).

Homestead Exemption Protections: Extends the rebuild/repair timeline after damage or destruction from 3 to 5 years before abandonment is triggered; requires property appraisers to provide 30-day notice with detailed explanations before filing tax liens for improperly granted exemptions; eliminates penalties and interest when errors result from property appraiser clerical mistakes, with voluntary disclosure before notification excusing back taxes entirely; applies to the 2025 property tax roll.

Child Care Tax Credit Program (s. 402.261): Creates three employer credits—50% of startup costs (up to $1 million), $300/month per enrolled eligible child, and 100% of child care payments (up to $3,600/child/year)—applicable against corporate income, sales, severance, alcoholic beverage, and insurance premium taxes; capped at $5 million annually for fiscal years 2024-2025 through 2026-2027 on a first-come, first-served basis with 5-year carryforward; effective retroactively to January 1, 2024, with applications beginning October 1, 2024.

Sales Tax Holidays: Establishes four holiday periods—Disaster Preparedness (June 1-14 and August 24-September 6, 2024), Freedom Month (July 1-31, covering admissions and outdoor recreation items), Back-to-School (July 29-August 11, with clothing up to $100 and computers up to $1,500), and Tool Time (September 1-7, covering hand and power tools, safety equipment, and work boots)—with specified price caps per item and exclusions for sales at theme parks, airports, and public lodging establishments.

Property Insurance Premium Relief: Mandates a 1.75% deduction from residential dwelling and flood insurance premiums plus full deduction of the State Fire Marshal assessment for policies effective October 1, 2024 through September 30, 2025; provides insurers a 100% refundable credit against premium taxes for deductions given, with the program repealing December 31, 2030.

Natural Gas Fuel Tax Reduction: Cuts natural gas fuel tax rates by approximately 50% for calendar year 2026 (e.g., excise tax from 4 cents to 2 cents, SCETS base rate from 5.8 cents to 2.9 cents), with rates returning to full levels on January 1, 2027.

Corporate Income Tax and Business Credits: Updates Florida's IRC conformity date to January 1, 2024; creates the Individuals with Unique Abilities Tax Credit ($1/hour, up to $1,000/employee, $10,000/taxpayer, $5 million annual program cap for three years); preserves and clarifies the railroad infrastructure tax credit at 50% of qualified expenditures with 5-year carryforward and transferability; doubles the Strong Families Tax Credit cap from $20 million to $40 million per fiscal year.

Alcoholic Beverage Tax Revenue Distribution: Directs 13% of monthly beverage tax collections (capped at $30 million/year) to cancer research and neurological disease facilities—split among University of Miami Sylvester Comprehensive Cancer Center, UF Health Shands, the Norman Fixel Institute at UF, and Mayo Clinic Jacksonville—repealing June 30, 2054.

Documentary Stamp Tax and Discretionary Surtax Changes: Limits documentary stamp tax on reverse mortgages to the principal limit rather than the maximum claim amount; treats boats and trailers sold together as a single item for the $5,000 surtax cap; establishes a remedy framework for unconstitutionally imposed surtaxes including temporary suspension of valid surtaxes to fund refunds, expiring June 30, 2030.

Tax Administration Reforms: Grants automatic 10-day sales tax filing extensions during declared emergencies; extends Florida corporate return deadlines by 15 days after federal disaster extensions; authorizes electronic garnishment levy notices; allows settlement of tax liabilities after challenge periods expire due to death, natural disaster, or acts of war; eliminates the $30 pollutant tax registration fee; and removes the June 30, 2025 repeal date for the $27.5 million annual distribution to the Florida Agricultural Promotional Campaign Trust Fund.