The bill amends section 196.1978 of the Florida Statutes to allow certain leased land to qualify for an ad valorem tax exemption, specifically for land leased from a Housing Finance Authority by nonprofit entities that provide affordable housing. The amendment specifies that the land must be leased for a minimum of 99 years and predominantly used for housing individuals or families who meet specified income limits. The exemption will first apply to the 2024 tax roll and is set to expire on December 31, 2059.

Additionally, the bill authorizes the Department of Revenue to adopt emergency rules to implement the new provisions, with these rules being effective for six months after adoption and potentially renewable during the process of establishing permanent rules. The amendment to the statute will first apply to the 2026 tax roll, and the act is set to take effect on January 1, 2026.

Statutes affected:
H 411 Filed: 196.1978
H 411 c1: 196.1978