Florida Senate - 2024 CS for SB 1166 By the Committee on Commerce and Tourism; and Senator DiCeglie 577-02151-24 20241166c1 1 A bill to be entitled 2 An act relating to the Florida Main Street Program and 3 historic preservation tax credits; creating s. 4 220.197, F.S.; providing a short title; defining 5 terms; specifying eligibility requirements for 6 receiving specified tax credits; specifying 7 requirements for the Department of Revenue relating to 8 approving and denying certain applications and 9 granting credits; specifying requirements for such tax 10 credits; requiring that applications be rolled forward 11 in certain circumstances; authorizing the 12 carryforward, sale, and transfer of such tax credits; 13 providing a limitation; authorizing the department to 14 perform certain audits and examinations; specifying 15 requirements for taxpayers; authorizing the department 16 to issue a notice of deficiency under certain 17 circumstances; providing penalties; requiring the 18 department to submit specified annual reports to the 19 Legislature; providing duties of the department; 20 authorizing the department to adopt rules; amending s. 21 213.053, F.S.; authorizing the department to make 22 certain information available to the Division of 23 Historical Resources and the Secretary of the United 24 States Department of the Interior for specified 25 purposes; amending s. 220.02, F.S.; revising the order 26 in which tax credits against the corporate income tax 27 or the franchise tax are applied; amending s. 220.13, 28 F.S.; revising the definition of the term “adjusted 29 federal income”; amending s. 624.509, F.S.; revising 30 the order in which tax credits and deductions against 31 the insurance premium tax are applied; creating s. 32 624.5095, F.S.; authorizing certain tax credits to be 33 used against a specified tax; providing applicability; 34 providing construction; authorizing the Department of 35 Revenue to adopt emergency rules for a specified 36 timeframe; providing for expiration of such authority; 37 providing applicability; providing effective dates. 38 39 WHEREAS, historic revitalization creates highly paid local 40 construction jobs, and 41 WHEREAS, historic rehabilitation increases the value of 42 buildings and results in a growing state and local tax base, and 43 WHEREAS, historic revitalization boosts heritage tourism 44 and creates thriving downtowns that are attractive to main 45 street businesses, and 46 WHEREAS, reusing historic buildings creates affordable 47 spaces for small business incubation, and 48 WHEREAS, repurposing historic buildings saves resources and 49 activates vacant spaces, and 50 WHEREAS, historic rehabilitation projects leverage 51 significant private investment, and 52 WHEREAS, leveraging state tax incentives increases the 53 effectiveness of federal Historic Preservation Tax Incentives 54 and the Opportunity Zones Program to encourage the historic 55 preservation of existing buildings, and 56 WHEREAS, an increase in rehabilitation activity occurs when 57 a state incentive is combined with federal Historic Preservation 58 Tax Incentives, and 59 WHEREAS, many historic buildings in this state need safety 60 upgrades and other improvements that require both public and 61 private investment to return these buildings as assets of their 62 local communities, NOW, THEREFORE, 63 64 Be It Enacted by the Legislature of the State of Florida: 65 66 Section 1. Section 220.197, Florida Statutes, is created to 67 read: 68 220.197 Main Street Historical Tourism and Revitalization 69 Act; tax credits; reports.— 70 (1) SHORT TITLE.—This act may be cited as the “Main Street 71 Historical Tourism and Revitalization Act.” 72 (2) DEFINITIONS.—As used in this section, the term: 73 (a) “Active Main Street program” means an area 74 participating under a recognized, coordinated Main Street 75 America licensed program or the Orlando Main Streets program. An 76 Active Main Street program must: 77 1. Have broad-based community support for the commercial 78 district revitalization process with strong support from the 79 public and private sectors. 80 2. Have a developed vision and mission statement relevant 81 to community conditions. 82 3. Have a comprehensive work plan. 83 4. Possess a historic preservation ethic. 84 5. Have an active board of directors and committees. 85 6. Have an adequate operating budget. 86 7. Have a paid professional program manager. 87 8. Conduct a program of ongoing training for staff and 88 volunteers. 89 9. Report key statistics. 90 10. Be a current, designated Florida Main Street program. 91 (b) “Affordable housing unit” means a housing unit that is 92 affordable, as defined in s. 420.0004(3). 93 (c) “Certified historic structure” means a building, 94 including its structural components, as defined in 36 C.F.R. s. 95 67.2, which is of a character subject to the allowance for 96 depreciation provided in s. 167 of the Internal Revenue Code of 97 1986, as amended, and which is: 98 1. Individually listed in the National Register of Historic 99 Places; or 100 2. Located within a registered historic district and 101 certified by the United States Secretary of the Interior as 102 being of historic significance to the registered historic 103 district as set forth in 36 C.F.R. s. 67.2. 104 (d) “Certified rehabilitation” means the rehabilitation of 105 a certified historic structure that the United States Secretary 106 of the Interior has certified to the United States Secretary of 107 the Treasury as being consistent with the historic character of 108 the certified historic structure and, if applicable, consistent 109 with the registered historic district in which the certified 110 historic structure is located as set forth in 36 C.F.R. s. 67.2. 111 (e) “Division” means the Division of Historical Resources 112 of the Department of State. 113 (f) “Florida Main Street program” means a statewide 114 historic preservation-based downtown revitalization assistance 115 program created, maintained, and administered by the division 116 under s. 267.031(5). 117 (g) “Local program area” means the specific geographic area 118 in which an Active Main Street program is conducted as approved 119 and maintained by the division or in which the Orlando Main 120 Streets program is conducted. 121 (h) “Long-term leasehold” means a leasehold in a 122 nonresidential real property for a term of 39 years or more or a 123 leasehold in a residential real property for a term of 27.5 124 years or more. 125 (i) “National Register of Historic Places” means the list 126 of historic properties significant in American history, 127 architecture, archeology, engineering, and culture maintained by 128 the United States Secretary of the Interior as authorized in 54 129 U.S.C. s. 302101. 130 (j) “Orlando Main Streets program” means a historic 131 preservation-based district revitalization program administered 132 by the City of Orlando. 133 (k) “Placed in service” means when the property is placed 134 in a condition or state of readiness and availability for a 135 specifically assigned function. A building is placed in service 136 when the appropriate work has been completed which would allow 137 for occupancy of either the entire building or some identifiable 138 portion of the building as detailed in Treasury Regulation 1.46 139 3(d). 140 (l) “Qualified expenses” means rehabilitation expenditures 141 that qualify for the credit under 26 U.S.C. s. 47 incurred in 142 this state. 143 (m) “Registered historic district” means a district listed 144 in the National Register of Historic Places or a district: 145 1. Designated under general law or local ordinance and 146 certified by the United States Secretary of the Interior as 147 meeting criteria that will substantially achieve the purposes of 148 preserving and rehabilitating buildings of historic significance 149 to the district; and 150 2. Certified by the United States Secretary of the Interior 151 as meeting substantially all of the requirements for listing a 152 district in the National Register of Historic Places. 153 (3) ELIGIBILITY FOR TAX CREDIT.—For taxable years beginning 154 on or after January 1, 2025, there is allowed a credit against 155 any tax due for a taxable year under this chapter after the 156 application of any other allowable credits by the taxpayer. 157 (a) To claim and receive a tax credit under this section, a 158 taxpayer must submit an application to the department for a tax 159 credit for qualified expenses in the amount and under the 160 conditions and limitations provided in this section against the 161 tax due for a taxable year under this chapter and must provide 162 the department with all of the following: 163 1. An official certificate of eligibility from the 164 division, signed by the State Historic Preservation Officer or 165 the Deputy State Historic Preservation Officer, attesting that 166 the project has been approved by the National Park Service and 167 indicating whether the project is located within a local program 168 area in this state. 169 2. National Park Service Form 10-168c (Rev. 2023), titled 170 “Historic Preservation Certification Application Part 3-Request 171 for Certification of Completed Work,” or a similar form, signed 172 by an officer of the National Park Service, attesting that the 173 completed rehabilitation meets the United States Secretary of 174 the Interior’s Standards for Rehabilitation and is consistent 175 with the historic character of the property and, if applicable, 176 the district in which the completed rehabilitation is located. 177 The form may be obtained through the National Park Service. 178 3. An identification of the dates during which the 179 certified historic structure was rehabilitated and the date on 180 which the certified historic structure was placed in service. 181 4. Documentation that the taxpayer had an ownership or a 182 long-term leasehold interest in the certified historic structure 183 in the year during which such structure was placed in service 184 after the certified rehabilitation was completed. 185 5. A list of total qualified expenses incurred by the 186 taxpayer in rehabilitating the certified historic structure. The 187 taxpayer must submit an audited cost report issued by a 188 certified public accountant which itemizes the qualified 189 expenses incurred in rehabilitating the certified historic 190 structure. 191 6. An attestation of the total qualified expenses incurred 192 in this state by the taxpayer in rehabilitating the certified 193 historic structure in this state. 194 7. The information required to be reported by the 195 department in subsection (8) to enable the department to compile 196 its annual report. 197 (b) Within 60 days after receipt of the information 198 required under paragraph (a), the department must approve or 199 deny the application. If approved, the department must provide a 200 letter of certification to the taxpayer consistent with any 201 restrictions imposed. If the department denies any part of the 202 requested credit, the department must inform the taxpayer of the 203 grounds for the denial. 204 (4) AMOUNT AND DISTRIBUTION OF TAX CREDIT.— 205 (a) The total tax credit claimed annually may not exceed 206 the amount of tax due after any other applicable tax credits and 207 may not exceed the following: 208 1. Twenty percent, up to a maximum of $200,000, of the 209 total qualified expenses incurred in this state in 210 rehabilitating at least one certified historic structure that 211 has been approved by the National Park Service to receive the 212 federal historic rehabilitation tax credit; or 213 2. Thirty percent, up to a maximum of $200,000, of the 214 total qualified expenses incurred in this state in 215 rehabilitating at least one certified historic structure that 216 has been approved by the National Park Service to receive the 217 federal historic rehabilitation tax credit and that is located 218 within a local program area in this state. 219 (b) The tax credit may be used to offset the corporate 220 income tax imposed in s. 220.11 and the insurance premium tax 221 imposed in s. 624.509. An insurer claiming a credit against 222 insurance premium tax liability under this section may not be 223 required to pay any additional retaliatory tax levied pursuant 224 to s. 624.5091 as a result of claiming such credit. Section 225 624.5091 does not limit such credit in any manner. 226 (c) The combined total amount of tax credits that may be 227 granted for all taxpayers under this section is $25 million per 228 state fiscal year. 229 (d) A taxpayer may not receive more than $1 million in tax 230 credits for a single development project, even if such credits 231 are accrued over multiple tax years. However, additional tax 232 credits purchased from another taxpayer or entity, and carryover 233 tax credits from a prior tax year, may be used by such taxpayer 234 if the additional tax credits were accrued from a different 235 development project. 236 (e) The department shall award the tax credits on a first 237 come, first-served basis. 238 (f) If the annual amount of approved tax credits exceeds 239 the maximum provided in paragraph (c), applications must be 240 rolled forward to be granted by the department during the 241 following fiscal year. 242 (5) CARRYFORWARD OF TAX CREDIT.— 243 (a) If a taxpayer is eligible for a tax credit that exceeds 244 taxes owed, the taxpayer may carry the unused tax credit forward 245 for a period of up to 5 taxable years. 246 (b) A carryforward is considered the remaining portion of a 247 tax credit that cannot be claimed in the current tax year. 248 (6) SALE OR TRANSFER OF TAX CREDIT.— 249 (a) A taxpayer that incurs qualified expenses may sell or 250 transfer all or part of the tax credit that may otherwise be 251 claimed to another taxpayer. 252 (b) A taxpayer to which all or part of the tax credit is 253 sold or transferred may sell or transfer all or part of the tax 254 credit that may otherwise be claimed to another taxpayer. 255 (c) A taxpayer that sells or transfers a tax credit to 256 another taxpayer must provide a copy of the certificate of 257 eligibility together with the audited cost report to the 258 purchaser or transferee. 259 (d) Qualified expenses may be counted only once in 260 determining the amount of an available tax credit, and more than 261 one taxpayer may not claim a tax credit for the same qualified 262 expenses. 263 (e) There is a limit of two transactions for the sale or 264 transfer of all or part of a tax credit. 265 1. A taxpayer that sells or transfers a tax credit under 266 this subsection and the purchaser or transferee shall jointly 267 submit written notice of the sale or transfer to the department 268 on a form adopted by the department no later than the 30th day 269 after the date of the sale or transfer. The notice must include 270 all of the following: 271 a. The date of the sale or transfer. 272 b. The amount of the tax credit sold or transferred. 273 c. The name and federal tax identification number of the 274 taxpayer that sold or transferred the tax credit and the 275 purchaser or transferee. 276 d. The amount of the tax credit owned by the taxpayer 277 before the sale or transfer and the amount the selling or 278 transferring taxpayer retained, if any, after the sale or 279 transfer. 280 2. The sale or transfer of a tax credit under this 281 subsection does not extend the period for which a tax credit may 282 be carried forward and does not increase the total amount of the 283 tax credit that may be claimed. 284 3. If a taxpayer claims a tax credit for qualified 285 expenses, another taxpayer may not use the same expenses as the 286 basis for claiming a tax credit. 287 4. Notwithstanding the requirements of this subsection, a 288 tax credit earned by, purchased by, or transferred to a 289 partnership, limited liability company, S corporation, or other 290 pass-through entity may be allocated to the partners, members, 291 or shareholders of that entity and claimed under this section in 292 accordance with any agreement among the partners, members, or 293 shareholders and without regard to the ownership interest of the 294 partners, members, or shareholders in the rehabilitated 295 certified historic structure. 296 (f) If the tax credit is reduced due to a determination, 297 examination, or audit by the department, the tax deficiency must 298 be recovered from the taxpayer that sold or transferred the tax 299 credit or the purchaser or transferee that claimed the tax 300 credit up to the amount of the tax credit taken. 301 (g) Any subsequent deficiencies shall be assessed against 302 the purchaser or transferee that claimed the tax credit or, in 303 the case of multiple succeeding entities, in the order of tax 304 credit succession. 305 (7) AUDIT AUTHORITY; REVOCATION AND FORFEITURE OF TAX 306 CREDITS; FRAUDULENT CLAIMS.— 307 (a) The department may perform any additional financial and 308 technical audits and examinations, including examining the 309 accounts, books, or records of the taxpayer, to verify the 310 legitimacy of the qualified expenses included in a tax credit 311 return and to ensure compliance with this section. If requested 312 by the department, the division must provide technical 313 assistance for any technical audits or examinations performed 314 under this subsection. 315 (b) It is grounds for forfeiture of previously claimed and 316 received tax credits if the department determines, as a result 317 of an audit or information received from the division, the 318 division, or the United States Department of the Interior or 319 Internal Revenue Service, that a taxpayer received a tax credit 320 pursuant to this section to which the taxpayer was not entitled. 321 In the case of fraud, the taxpayer may not claim any future tax 322 credits under this section. 323 (c) The taxpayer must return forfeited tax credits to the 324 department, and such funds shall be paid into the General 325 Revenue Fund. 326 (d) The taxpayer shall file with the department an amended 327 tax return or such other report as the department prescribes and 328 shall pay any required tax within 60 days after the taxpayer 329 receives notification from the United States Internal Revenue 330 Service that a previously approved tax credit has been revoked 331 or modified, if uncontested, or within 60 days after a final 332 order is issued following proceedings involving a contested 333 revocation or modification order. 334 (e) A notice of deficiency may be issued by the department 335 at any time within 5 years after the date on which the taxpayer 336 receives notification from the United States Internal Revenue 337 Service that a previously approved tax credit has been revoked 338 or modified. If a taxpayer fails to notify the department of any 339 change in its tax credit claimed, a notice of deficiency may be 340 issued at any time. In either case, the amount of any proposed 341 assessment set forth in such notice of deficiency is limited to 342 the amount of any deficiency resulting under this section from 343 the recomputation of the taxpayer’s tax for the taxable year. 344 (f) A taxpayer that fails to report and timely pay any tax 345 due as a result of the forfeiture of its tax credit violates 346 this section and is subject to applicable penalties and 347 interest. 348 (8) ANNUAL REPORT.—Based on the applications submitted and 349 approved, the department must submit a report by December 1 of 350 each year to the President of the Senate and the Speaker of the 351 House of Representatives that identifies, in the aggregate, all 352 of the following: 353 (a) The number of people employed during the construction 354 phases of the certified rehabilitation who worked to complete 355 the project, including contractors and subcontractors. 356 (b) The use of each newly rehabilitated building and the 357 number of additional people employed for ongoing operations 358 after the certified historic structure is placed in service. 359 (c) The number of affordable housing units created or 360 preserved. 361 (d) The property values before and after the certified 362 rehabilitations. 363 (9) DEPARTMENT DUTIES.—The department shall: 364 (a) Establish or amend any necessary forms required to 365 claim a tax credit under this section. 366 (b) Provide administrative guidelines and procedures 367 required to administer this section, including rules 368 establishing an entitlement to and sale or transfer of a tax 369 credit under this section. 370 (c) Provide examination and audit procedures required to 371 administer this section. 372 (10) RULES.—The department may adopt rules to administer 373 this section. 374 Section 2. Subsection (26) is added to section 213.053, 375 Florida Statutes, to read: 376 213.053 Confidentiality and information sharing.— 377 (26) The department may make available to the Division of 378 Historical Resources of the Department of State and the 379 Secretary of the United States Department of the Interior or his 380 or her delegate, exclusively for official purposes, information 381 for the purposes of administering the Main Street Historical 382 Tourism and Revitalization Act pursuant to s. 220.197. 383 Section 3. Subsection (8) of section 220.02, Florida 384 Statutes, is amended to read: 385 220.02 Legislative intent.— 386 (8) It is the intent of the Legislature that credits 387 against either the corporate income tax or the franchise tax be 388 applied in the following order: those enumerated in s. 631.828, 389 those enumerated in s. 220.191, those enumerated in s. 220.181, 390 those enumerated in s. 220.183, those enumerated in s. 220.182, 391 those enumerated in s. 220.1895, those enumerated in s. 220.195, 392 those enumerated in s. 220.184, those enumerated in s. 220.186, 393 those enumerated in s. 220.1845, those enumerated in s. 220.19, 394 those enumerated in s. 220.185, those enumerated in s. 220.1875, 395 those enumerated in s. 220.1876, those enumerated in s. 396 220.1877, those enumerated in s. 220.1878, those enumerated in 397 s. 220.193, those enumerated in former s. 288.9916, those 398 enumerated in former s. 220.1899, those enumerated in former s. 399 220.194, those enumerated in s. 220.196, those enumerated in s. 400 220.198, those enumerated in s. 220.1915, those enumerated in s. 401 220.199,andthose enumerated in s. 220.1991, and those 402 enumerated in s. 220.197. 403 Section 4. Paragraph (a) of subsection (1) of section 404 220.13, Florida Statutes, is amended to read: 405 220.13 “Adjusted federal income” defined.— 406 (1) The term “adjusted federal income” means an amount 407 equal to the taxpayer’s taxable income as defined in subsection 408 (2), or such taxable income of more than one taxpayer as 409 provided in s. 220.131, for the taxable year, adjusted as 410 follows: 411 (a) Additions.—There shall be added to such taxable income: 412 1.a. The amount of any tax upon or measured by income, 413 excluding taxes based on gross receipts or revenues, paid or 414 accrued as a liability to the District of Columbia or any state 415 of the United States which is deductible from gross income in 416 the computation of taxable income for the taxable year. 417 b. Notwithstanding sub-subparagraph a., if a credit taken 418 under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878 is 419 added to taxable income in a previous taxable year under 420 subparagraph 11. and is taken as a deduction for federal tax 421 purposes in the current taxable year, the amount of the 422 deduction allowed shall not be added to taxable income in the 423 current year. The exception in this sub-subparagraph is intended 424 to ensure that the credit under s. 220.1875, s. 220.1876, s. 425 220.1877, or s. 220.1878 is added in the applicable taxable year 426 and does not result in a duplicate addition in a subsequent 427 year. 428 2. The amount of interest which is excluded from taxable 429 income under s. 103(a) of the Internal Revenue Code or any other 430 federal law, less the associated expenses disallowed in the 431 computation of taxable income under s. 265 of the Internal 432 Revenue Code or any other law, excluding 60 percent of any 433 amounts included in alternative minimum taxable income, as 434 defined in s. 55(b)(2) of the Internal Revenue Code, if the 435 taxpayer pays tax under s. 220.11(3). 436 3. In the case of a regulated investment company or real 437 estate investment trust, an amount equal to the excess of the 438 net long-term capital gain for the taxable year over the amount 439 of the capital gain dividends attributable to the taxable year. 440 4. That portion of the wages or salaries paid or incurred 441 for the taxable year which is equal to the amount of the credit 442 allowable for the taxable year under s. 220.181. This 443 subparagraph shall expire on the date specified in s. 290.016 444 for the expiration of the Florida Enterprise Zone Act. 445 5. That portion of the ad valorem school taxes paid or 446 incurred for the taxable year which is equal to the amount of 447 the credit allowable for the taxable year under s. 220.182. This 448 subparagraph shall expire on the date specified in s. 290.016 449 for the expiration of the Florida Enterprise Zone Act. 450 6. The amount taken as a credit under s. 220.195 which is 451 deductible from gross income in the computation of taxable 452 income for the taxable year. 453 7. That portion of assessments to fund a guaranty 454 association incurred for the taxable year which is equal to the 455 amount of the credit allowable for the taxable year. 456 8. In the case of a nonprofit corporation which holds a 457 pari-mutuel permit and which is exempt from federal income tax 458 as a farmers’ cooperative, an amount equal to the excess of the 459 gross income attributable to the pari-mutuel operations over the 460 attributable expenses for the taxable year. 461 9. The amount taken as a credit for the taxable year under 462 s. 220.1895. 463 10. Up to nine percent of the eligible basis of any 464 designated project which is equal to the credit allowable for 465 the taxable year under s. 220.185. 466 11. Any amount taken as a credit for the taxable year under 467 s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878. The 468 addition in this subparagraph is intended to ensure that the 469 same amount is not allowed for the tax purposes of this state as 470 both a deduction from income and a credit against the tax. This 471 addition is not intended to result in adding the same expense 472 back to income more than once. 473 12. The amount taken as a credit for the taxable year under 474 s. 220.193. 475 13. The amount taken as a credit for the taxable year under 476 s. 220.196. The addition in this subparagraph is intended to 477 ensure that the same amount is not allowed for the tax purposes 478 of this state as both a deduction from income and a credit 479 against the tax. The addition is not intended to result in 480 adding the same expense back to income more than once. 481 14. The amount taken as a credit for the taxable year 482 pursuant to s. 220.198. 483 15. The amount taken as a credit for the taxable year 484 pursuant to s. 220.1915. 485 16. The amount taken as a credit for the taxable year 486 pursuant to s. 220.199. 487 17. The amount taken as a credit for the taxable year 488 pursuant to s. 220.1991. 489 18. The amount taken as a credit for the taxable year 490 pursuant to s. 220.197. 491 Section 5. Subsection (7) of section 624.509, Florida 492 Statutes, is amended to read: 493 624.509 Premium tax; rate and computation.— 494 (7) Credits and deductions against the tax imposed by this 495 section shall be taken in the following order: deductions for 496 assessments made pursuant to s. 440.51; credits for taxes paid 497 under ss. 175.101 and 185.08; credits for income taxes paid 498 under chapter 220 and the credit allowed under subsection (5), 499 as these credits are limited by subsection (6); the credit 500 allowed under s. 624.51057; the credit allowed under s. 501 624.51058; the credit allowed under s. 624.5095; and all other 502 available credits and deductions. 503 Section 6. Section 624.5095, Florida Statutes, is created 504 to read: 505 624.5095 Premium tax credits related to historic 506 preservation.— 507 (1) Tax credits accrued through a certified rehabilitation 508 as defined in s. 220.197 and 36 C.F.R. s. 67.2 may be used 509 against any tax due for the taxable year under s. 624.509(1), as 510 limited under s. 624.509(6). 511 (2) The certified rehabilitation may either be completed by 512 the insurer pursuant to s. 220.197 or the insurer may purchase 513 the tax credit from a different entity that accrued or purchased 514 the tax credit pursuant s. 220.197. 515 (3) An insurer claiming a tax credit under this section is 516 not required to pay any additional retaliatory tax levied 517 pursuant to s. 624.5091 as a result of claiming such credit. The 518 tax credit under this section is not limited by s. 624.5091. 519 Section 7. (1) The Department of Revenue may, and all 520 conditions are deemed met to, adopt emergency rules under s. 521 120.54(4), Florida Statutes, for the purpose of implementing the 522 Main Street Historical Tourism and Revitalization Act. 523 (2) Notwithstanding any other law, emergency rules adopted 524 under this section are effective for 6 months after adoption and 525 may be renewed during the pendency of procedures to adopt 526 permanent rules addressing the subject of the emergency rules. 527 (3) This section shall take effect upon this act becoming a 528 law and expires July 1, 2025. 529 Section 8. This act applies to taxable years beginning, and 530 for qualified expenses incurred, on or after January 1, 2025. 531 Section 9. Except as otherwise expressly provided in this 532 act and except for this section, which shall take effect upon 533 becoming a law, this act shall take effect July 1, 2024.