Florida Senate - 2013                                     SB 740
       By Senator Simpson
       18-00907-13                                            2013740__
    1                        A bill to be entitled                      
    2         An act relating to tax exemptions for property used
    3         for affordable housing; amending s. 196.1978, F.S.;
    4         deleting an ad valorem tax exemption for property
    5         owned by certain Florida-based limited partnerships
    6         and used for affordable housing for certain income
    7         qualified persons; providing for retroactive
    8         application; providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 196.1978, Florida Statutes, is amended
   13  to read:
   14         196.1978 Affordable housing property exemption.—Property
   15  used to provide affordable housing to serving eligible persons
   16  as defined by s. 159.603(7) and natural persons or families
   17  meeting the extremely-low-income, very-low-income, low-income,
   18  or moderate-income limits specified in s. 420.0004, which
   19  property is owned entirely by a nonprofit entity that is a
   20  corporation not for profit, qualified as charitable under s.
   21  501(c)(3) of the Internal Revenue Code and in compliance with
   22  Rev. Proc. 96-32, 1996-1 C.B. 717, is or a Florida-based limited
   23  partnership, the sole general partner of which is a corporation
   24  not for profit which is qualified as charitable under s.
   25  501(c)(3) of the Internal Revenue Code and which complies with
   26  Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property
   27  owned by an exempt entity and used for a charitable purpose, and
   28  those portions of the affordable housing property that which
   29  provide housing to natural persons or families classified as
   30  extremely low income, very low income, low income, or moderate
   31  income under s. 420.0004 are shall be exempt from ad valorem
   32  taxation to the extent authorized under in s. 196.196. All
   33  property identified in this section must shall comply with the
   34  criteria provided under s. 196.195 for determining determination
   35  of exempt status and to be applied by property appraisers on an
   36  annual basis as defined in s. 196.195. The Legislature intends
   37  that any property owned by a limited liability company or
   38  limited partnership which is disregarded as an entity for
   39  federal income tax purposes pursuant to Treasury Regulation
   40  301.7701-3(b)(1)(ii) shall be treated as owned by its sole
   41  member or sole general partner.
   42         Section 2. This act shall take effect upon becoming a law
   43  and shall first apply to the 2013 ad valorem tax rolls.