The proposed bill establishes the Hotel-to-home Tax Credit Program, aimed at converting hotels into residential housing. It creates two new sections in the Florida Statutes: Section 220.1851, which outlines the tax credit specifics, and Section 420.50931, which details the program's administration. The tax credit allows for up to 9% of the total cost of designated projects, with the Florida Housing Finance Corporation responsible for allocating these credits among eligible projects. The bill also permits the transfer of tax credits by recipients, subject to certain rules to be adopted by the Department of Revenue.

Additionally, the Florida Housing Finance Corporation is tasked with determining which projects qualify for the tax credit and establishing procedures for allocation and distribution. The corporation must prepare an annual plan for tax credit allocation, which requires approval from the Governor. Taxpayers interested in the program must submit applications that include project details and evidence of qualification, with the corporation having the authority to request further information as needed. The bill is set to take effect on July 1, 2025.