Senate Bill 286 aims to amend existing statutes related to workforce housing and childcare investment awards under the business development tax credit. The bill proposes to allow individuals to claim tax benefits of up to 15 percent for investments in workforce housing and childcare programs, expanding the definition of eligible investments. Previously, only capital expenditures made directly by the claimant were eligible; however, the bill now includes contributions made to third parties for building or rehabilitating workforce housing or establishing childcare programs, including contributions to local revolving loan funds. Additionally, the requirement that these investments be specifically for employees has been removed.

The amendments affect several sections of the statutes, specifically 71.07, 71.28, 71.47, and 238.308, with the changes taking effect for taxable years beginning on January 1, 2025. The bill reflects a broader approach to incentivizing investments in workforce housing and childcare, potentially increasing participation from businesses and enhancing support for community development initiatives.

Statutes affected:
Bill Text: 71.07(3y)(b)6, 71.07, 71.28(3y)(b)6, 71.28, 71.47(3y)(b)6, 71.47, 238.308(4)(a)6, 238.308