The proposed bill establishes the Hotel-to-home Tax Credit Program, aimed at facilitating the conversion of hotels into residential housing. It introduces new sections in the Florida Statutes, specifically s. 220.1851 and s. 420.50931, which define key terms and outline the framework for the tax credit. The bill allows for a tax credit of up to 9% of the total cost of designated projects, which are qualified projects redeveloping hotel structures into residential units. The Florida Housing Finance Corporation is tasked with allocating these tax credits, determining eligible projects, and establishing necessary procedures for the program's administration.

Additionally, the bill mandates that taxpayers interested in the tax credit must submit an application detailing their proposed project, which the corporation will review and approve in writing, specifying the maximum allowable tax credit. The corporation is also required to prepare an annual plan for credit allocation, subject to the Governor's approval, ensuring that the process is fair and considers various factors such as project feasibility and local housing needs. The act is set to take effect on July 1, 2025.