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," "homeless," "qualified business," and "qualified employee." It specifies that 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 classified as converted housing. The bill outlines the application process for businesses seeking these credits, requiring them to submit detailed information to the Department of Commerce, which is responsible for reviewing and approving applications based on established criteria.

Furthermore, the bill sets a cap of $5 million on the total amount of tax credits that can be granted annually and mandates that the Department of Commerce approve credits before they can be claimed on tax returns. The approval process will follow a first-come, first-served basis, and businesses can carry forward any unused credits for up to two years, although these credits cannot be transferred to other entities. The Department of Commerce and the Department of Revenue are authorized to adopt rules to facilitate the implementation of this tax credit program. The act is set to take effect on July 1, 2026.