Assembly Bill 280 proposes amendments to the business development tax credit related to workforce housing and childcare investments. The bill allows 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 individual 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 bill removes the stipulation that these investments must be specifically for employees, broadening the scope of who can benefit from these tax credits. The changes will take effect for taxable years beginning on January 1, 2025. The amendments are reflected in the legal language of sections 71.07, 71.28, 71.47, and 238.308 of the statutes, with specific deletions and insertions made to clarify the new provisions.

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
Text as Enrolled: 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