The bill amends section 196.1975 of the Florida Statutes to revise the eligibility requirements for Florida limited partnerships seeking an ad valorem tax exemption for nonprofit homes for the aged. Specifically, it clarifies that the applicant must be a corporation not for profit under chapter 617 or a Florida limited partnership, with the sole general partner being a corporation not for profit under chapter 617 or an entity not licensed under chapter 429 that is wholly owned by a corporation not for profit under chapter 617. Additionally, the bill stipulates that the nonprofit corporation must have been exempt from federal income taxation as of January 1 of the year for which the exemption is requested.

The bill also makes technical changes to the language of the statute, including the replacement of "pursuant to" with "under" in relation to the nonprofit status and the addition of specific ownership requirements for the limited partnerships. The effective date for this act is set for January 1, 2026.

Statutes affected:
S 298 Filed: 196.1975