The proposed bill establishes a new section, 220.1985, in the Florida Statutes, which introduces tax credits aimed at businesses that provide housing for homeless employees. The bill defines key terms such as "converted housing," "employee," "qualified business," and "qualified employee." It specifies that 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. To qualify for these credits, businesses must complete an application and meet certain requirements, including compliance with building and health codes.

The total amount of tax credits available to qualified businesses is capped at $5 million per year, and the Department of Revenue is tasked with approving these credits on a first-come, first-served basis. The department is also authorized to adopt rules regarding the application process and qualification criteria, including the ability to implement emergency rules. Additionally, any unused tax credits can be carried forward for up to two taxable years. The bill is set to take effect on July 1, 2025.