Senate Bill 0322

    Florida Senate - 1999                                   SB 322

    By Senator Klein





    28-529-99

  1                      A bill to be entitled

  2         An act relating to ad valorem taxation;

  3         creating s. 420.0007, F.S.; providing an

  4         exemption from property taxation for

  5         charitable, not-for-profit, low-income housing

  6         properties; providing for retroactive

  7         application; providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

10

11         Section 1.  Section 420.0007, Florida Statutes, is

12  created to read:

13         420.0007  Exemption from property taxation for

14  charitable, nonprofit, low-income-housing properties.--Any

15  property that is owned entirely by a nonprofit corporation

16  that meets the definition of a charitable organization under

17  s. 501(c)(3) of the Internal Revenue Code of 1986, as amended,

18  that complies with the Internal Revenue Procedure 96-32, and

19  that provides housing to low-income and very-low-income

20  persons, as defined in s. 420.004, is considered charitable

21  and exempt from ad valorem taxation under chapter 196 to the

22  extent authorized under s. 196.192.

23         Section 2.  Section 1 of this act applies to taxes

24  based on assessments made on January 1, 1997, or thereafter.

25         Section 3.  This act shall take effect upon becoming a

26  law.

27

28            *****************************************

29                          SENATE SUMMARY

30    Provides for an exemption from ad valorem taxation for
      certain properties used for low-income housing. Provides
31    that this exemption applies retroactively to taxes based
      on assessments made as of January 1, 1997.
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