Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1042
       
       
       
       
       
       
                                Barcode 142666                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/20/2009           .                                
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       The Committee on Finance and Tax (Altman) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 243 - 273
    4  and insert:
    5  
    6         Section 4. Section 196.1978, Florida Statutes, is amended
    7  to read:
    8         196.1978 Affordable housing property exemption.—
    9         (1) Property used to provide affordable housing serving
   10  eligible persons as defined by s. 159.603(7) and natural persons
   11  or families meeting the extremely-low-income, very-low-income,
   12  low-income, or moderate-income persons meeting income limits
   13  specified in s. 420.0004 s. 420.0004(8), (10), (11), and (15),
   14  which property is owned entirely by a nonprofit entity that is a
   15  corporation not for profit, qualified as charitable under s.
   16  501(c)(3) of the Internal Revenue Code and in compliance with
   17  Rev. Proc. 96-32, 1996-1 C.B. 717, or a Florida-based limited
   18  partnership, the sole general partner of which is a corporation
   19  not for profit which is qualified as charitable under s.
   20  501(c)(3) of the Internal Revenue Code and which complies with
   21  Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property
   22  owned by an exempt entity and used for a charitable purpose, and
   23  those portions of the affordable housing property which provide
   24  housing to natural persons or families classified as extremely
   25  low income, very low income, low income, or moderate income
   26  under s. 420.0004 individuals with incomes as defined in s.
   27  420.0004(10) and (15) shall be exempt from ad valorem taxation
   28  to the extent authorized in s. 196.196. All property identified
   29  in this section shall comply with the criteria for determination
   30  of exempt status to be applied by property appraisers on an
   31  annual basis as defined in s. 196.195. The Legislature intends
   32  that any property owned by a limited liability company or
   33  limited partnership which is disregarded as an entity for
   34  federal income tax purposes pursuant to Treasury Regulation
   35  301.7701-3(b)(1)(ii) shall be treated as owned by its sole
   36  member or sole general partner.
   37         (2) The exemption provided in this section also applies to
   38  property owned by an exempt entity that has taken affirmative
   39  steps to prepare the property to provide housing to homeless or
   40  disabled veterans. For purposes of this subsection, the term
   41  “affirmative steps” means activities that demonstrate that the
   42  property will be used to provide housing for homeless or
   43  disabled veterans. Such activities include issuing proposals for
   44  property development, conducting preliminary environmental or
   45  land use permitting activities, creating site plans or
   46  architectural plans, performing site preparation, construction,
   47  or renovations, preparing financial plans, or conducting other
   48  activities to prepare the property to provide housing for
   49  homeless or disabled veterans. The exempt entity shall annually
   50  apply for the exemption pursuant to s. 196.011. An exempt entity
   51  may claim an exemption for a particular property for up to 5
   52  years.
   53  
   54  ================= T I T L E  A M E N D M E N T ================
   55         And the title is amended as follows:
   56         Delete line 28
   57  and insert:
   58  
   59  requirements; providing that the property tax exemption for
   60  affordable housing applies to property owned by an exempt entity
   61  that is preparing the property to house homeless or disabled
   62  veterans; requiring an exempt entity to annually file an
   63  application to claim the exemption; permitting an exemption on a
   64  particular property that is being prepared for disabled veterans
   65  to be claimed for up to 5 years; amending s. 196.1978, F.S.;
   66  providing