2007 Florida Code
TITLE XIV TAXATION AND FINANCE
Chapter 196 EXEMPTION  
196.1978   Affordable housing property exemption.

1196.1978  Affordable housing property exemption.--Property used to provide affordable housing serving eligible persons as defined by s. 159.603(7) and persons meeting income limits specified in s. 420.0004(8), (10), (11), and (15), which property is owned entirely by a nonprofit entity which is qualified as charitable under s. 501(c)(3) of the Internal Revenue Code and which complies with Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property owned by an exempt entity and used for a charitable purpose, and those portions of the affordable housing property which provide housing to individuals with incomes as defined in s. 420.0004(10) and (15) shall be exempt from ad valorem taxation to the extent authorized in s. 196.196. All property identified in this section shall comply with the criteria for determination of exempt status to be applied by property appraisers on an annual basis as defined in s. 196.195. The Legislature intends that any property owned by a limited liability company which is disregarded as an entity for federal income tax purposes pursuant to Treasury Regulation 301.7701-3(b)(1)(ii) shall be treated as owned by its sole member.

History.--s. 15, ch. 99-378; s. 9, ch. 2000-353; s. 29, ch. 2006-69; s. 21, ch. 2007-321.

1Note.--Section 34, ch. 2007-321, provides that "[e]xcept as otherwise expressly provided in this act, this act and section 33 of this act shall take effect [June 21, 2007], sections 13 through 32 of this act shall take effect only upon the effective date of amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B revising the homestead tax exemption and providing an exemption from ad valorem taxation for tangible personal property and property used for workforce and affordable rental housing, and sections 13 through 32 of this act shall apply retroactively to the 2008 tax roll if the amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B are approved in a special election held on January 29, 2008, or shall apply to the 2009 tax roll if the amendments to the State Constitution contained in Senate Joint Resolution 4B or House Joint Resolution 3B are approved in the general election held in November of 2008." If the contingency occurs, s. 196.1978, as amended by s. 21, ch. 2007-321, will read:

196.1978  Affordable housing property exemption.--Property used to provide affordable housing serving eligible persons as defined by s. 159.603(7) and natural persons or families meeting the extremely-low, very-low, low, or moderate income limits specified in s. 420.0004, which property is owned entirely by a nonprofit entity that is a corporation not for profit which is qualified as charitable under s. 501(c)(3) of the Internal Revenue Code and which complies with Rev. Proc. 96-32, 1996-1 C.B. 717 or a limited partnership, the sole general partner of which is a corporation not for profit which is qualified as charitable under s. 501(c)(3) of the Internal Revenue Code and which complies with Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property owned by an exempt entity and used for a charitable purpose, and those portions of the affordable housing property which provide housing to natural persons or families that meet the extremely-low, very-low, low, or moderate income limits specified in s. 420.0004 shall be exempt from ad valorem taxation to the extent authorized in s. 196.196. All property identified in this section shall comply with the criteria for determination of exempt status to be applied by property appraisers on an annual basis as defined in s. 196.195. The Legislature intends that any property owned by a limited liability company or a limited partnership that is disregarded as an entity for federal income tax purposes pursuant to Treasury Regulation 301.7701-3(b)(1)(ii) shall be treated as owned by its sole member or sole general partner. The exemption provided in this section also extends to land that is owned by an exempt entity and that is subject to a 99-year or longer ground lease for the purpose of providing affordable homeownership.