The bill establishes a new section, 220.1985, in the Florida Statutes, which introduces tax credits aimed at 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. Additionally, if the housing is classified as converted housing owned by the business, an extra credit of $1,000 per employee is available, provided the housing meets all relevant building and health codes.

To access these tax credits, businesses must complete an application, and the Department of Revenue is tasked with approving these 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. Furthermore, any unused tax credits can be carried forward for up to two taxable years. The act is set to take effect on July 1, 2025.