The bill establishes a new section in Florida law, specifically section 220.1985, which introduces tax credits for businesses that provide housing for homeless employees. It defines key terms such as "converted housing," "employee," "qualified business," and "qualified employee." Under this legislation, starting from January 1, 2026, qualified businesses can receive a tax credit of $2,000 for each qualified employee housed, with an additional $1,000 credit available if the housing is converted from unused or abandoned properties owned by the business. The housing must comply with all relevant building, housing, and health codes.

To access these tax credits, businesses must submit an application to the Department of Revenue, which will approve credits on a first-come, first-served basis, with a total cap of $5 million in credits available each year. The department is also authorized to create rules regarding the application process and qualification requirements, including the ability to adopt emergency rules. Additionally, any unused tax credits can be carried forward for up to two years. The act is set to take effect on July 1, 2025.