The bill amends section 196.1975 of the Florida Statutes to revise the eligibility requirements for Florida limited partnerships seeking ad valorem tax exemptions for nonprofit homes for the aged. Specifically, it clarifies that the applicant must be a nonprofit corporation under chapter 617 or a Florida limited partnership, with the sole general partner being either a nonprofit corporation or wholly owned by a nonprofit corporation that is not licensed under chapter 429. Additionally, the nonprofit corporation must have been exempt from federal income taxation as of January 1 of the year for which the tax exemption is requested.

The amendments introduced by this bill will first apply to the 2027 ad valorem tax roll, and the act is set to take effect on January 1, 2027. The changes aim to streamline the eligibility criteria for nonprofit homes for the aged, ensuring that they meet specific nonprofit standards to qualify for tax exemptions.

Statutes affected:
S 1430 Filed: 196.1975