This bill establishes the Hotel-to-home Tax Credit Program in Florida, aimed at converting hotels into residential housing. It creates two new sections in the Florida Statutes: Section 220.1851, which outlines the tax credit details, 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 established by the Department of Revenue.

The Florida Housing Finance Corporation is tasked with determining which projects qualify for the tax credit and must establish procedures for the allocation and distribution of these credits. An annual plan outlining the allocation guidelines must be approved by the Governor. Taxpayers interested in the program must submit an application detailing their proposed project, and the corporation can request additional information to facilitate the allocation process. The bill is set to take effect on July 1, 2025.