The proposed bill establishes a new section, 220.1985, in the Florida Statutes, which introduces tax credits for businesses that provide housing for homeless employees. The bill defines key terms such as "converted housing," "employee," "homeless," "qualified business," and "qualified employee." It specifies that businesses can receive a tax credit of $2,000 per qualified employee, with an additional $1,000 credit if the housing is converted from previously idle property. To qualify, businesses must submit an application to the Department of Commerce, which will review and approve applications based on specified criteria.

The bill also sets a cap of $5 million on the total tax credits that can be granted annually and mandates that the Department of Commerce must approve the credits before they can be claimed on tax returns. The approval process will be conducted on a first-come, first-served basis, and the Department of Commerce and the Department of Revenue are authorized to adopt rules for the implementation of this program. Additionally, any unused tax credits can be carried forward for up to two years, but they cannot be transferred to another entity. The act is set to take effect on July 1, 2026.