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 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.

Additionally, the bill allows the Department of Revenue to adopt rules regarding the application process and qualification requirements for the tax credits, including the ability to implement emergency rules. Qualified businesses can carry forward any unused tax credits for up to two taxable years. The act is set to take effect on July 1, 2025.