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, and are designed to encourage more investment in workforce housing and childcare solutions within the community.

Statutes affected:
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
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