The proposed bill establishes the Hotel-to-home Tax Credit Program, aimed at facilitating the conversion of 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 to be credited against state taxes for a period of five years, with the Florida Housing Finance Corporation responsible for allocating these credits among eligible projects. The bill also allows for 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 the allocation and distribution of these credits. The corporation must prepare an annual plan for credit allocation, which requires approval from the Governor. Applicants seeking to participate in the program must submit detailed applications to the corporation, demonstrating that their projects meet the defined criteria. The bill is set to take effect on July 1, 2025.