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 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, all of which will now reflect the updated definitions and eligibility criteria for tax benefits. The changes are set to take effect for taxable years beginning on January 1, 2025. This bill aims to encourage investment in workforce housing and childcare solutions, thereby supporting broader economic 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