Florida Senate - 2025                                     SB 298
       
       
        
       By Senator Wright
       
       
       
       
       
       8-00096-25                                             2025298__
    1                        A bill to be entitled                      
    2         An act relating to an ad valorem tax exemption for
    3         nonprofit homes for the aged; amending s. 196.1975,
    4         F.S.; revising an eligibility requirement for Florida
    5         limited partnerships applying for such exemption;
    6         making technical changes; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (1) of section 196.1975, Florida
   11  Statutes, is amended to read:
   12         196.1975 Exemption for property used by nonprofit homes for
   13  the aged.—Nonprofit homes for the aged are exempt to the extent
   14  that they meet the following criteria:
   15         (1) The applicant must be a corporation not for profit
   16  under pursuant to chapter 617 or a Florida limited partnership,
   17  the sole general partner of which is a corporation not for
   18  profit under pursuant to chapter 617 or an entity not licensed
   19  under chapter 429 and wholly owned by a corporation not for
   20  profit under chapter 617, and the corporation not for profit
   21  must have been exempt as of January 1 of the year for which
   22  exemption from ad valorem property taxes is requested from
   23  federal income taxation by having qualified as an exempt
   24  charitable organization under the provisions of s. 501(c)(3) of
   25  the Internal Revenue Code of 1954 or of the corresponding
   26  section of a subsequently enacted federal revenue act.
   27         Section 2. This act shall take effect January 1, 2026.