Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. PCS (381422) for SB 1022
Barcode 441192
CHAMBER ACTION
Senate House
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04/17/2007 01:01 PM .
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11 The Committee on Finance and Tax (Deutch) recommended the
12 following amendment:
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14 Senate Amendment (with title amendment)
15 On page 3, between lines 16 and 17,
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17 insert:
18 Section 3. Section 196.1978, Florida Statutes, is
19 amended to read:
20 196.1978 Affordable housing property
21 exemption.--Property used to provide affordable housing
22 serving eligible persons as defined by s. 159.603(7) and
23 persons meeting income limits specified in s. 420.0004(8),
24 (10), (11), and (15), which property is owned entirely by a
25 nonprofit entity that is a corporation not-for-profit pursuant
26 to chapter 617 or a Florida limited partnership, the sole
27 general partner of which is a corporation not-for-profit
28 pursuant to chapter 617, which is qualified as charitable
29 under s. 501(c)(3) of the Internal Revenue Code and which
30 complies with Rev. Proc. 96-32, 1996-1 C.B. 717, shall be
31 considered property owned by an exempt entity and used for a
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6:04 PM 04/16/07 s1022c-ft30-t01
Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. PCS (381422) for SB 1022
Barcode 441192
1 charitable purpose, and those portions of the affordable
2 housing property which provide housing to individuals with
3 incomes as defined in s. 420.0004(10) and (15) shall be exempt
4 from ad valorem taxation to the extent authorized in s.
5 196.196. All property identified in this section shall comply
6 with the criteria for determination of exempt status to be
7 applied by property appraisers on an annual basis as defined
8 in s. 196.195. The Legislature intends that any property owned
9 by a limited liability company or limited liability
10 partnership which is disregarded as an entity for federal
11 income tax purposes pursuant to Treasury Regulation
12 301.7701-3(b)(1)(ii) shall be treated as owned by its sole
13 member. The exemption in this section extends to land that is
14 owned by an exempt entity subject to a 99-year ground lease
15 for the purpose of providing permanently affordable housing.
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19 And the title is amended as follows:
20 On page 1, line 11, after the semicolon,
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22 insert:
23 amending s. 1961978, F.S.; limiting an
24 exemption for affordable housing property owned
25 by a corporation not-for-profit or a limited
26 partnership, the sole general partner of which
27 is such a corporation; extending exemption to
28 certain land;
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