Title: Ad Valorem Tax Exemption for Nonprofit Homes for the Aged

Summary: Exempts from ad valorem taxation certain entities wholly owned by nonprofit corporation.

Full Text:
An act relating to ad valorem tax exemption for nonprofit homes for the aged; amending s. 196.1975, F.S.; exempting from ad valorem taxation certain entities wholly owned by a nonprofit corporation; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Subsection (1) of section 196.1975, Florida Statutes, is amended to read: 196.1975 Exemption for property used by nonprofit homes for the aged.-Nonprofit homes for the aged are exempt to the extent that they meet the following criteria: (1) The applicant must be a corporation not for profit pursuant to chapter or a Florida limited partnership, the sole general partner of which is a corporation not for profit under pursuant to chapter or an entity wholly owned by a corporation not for profit under chapter,and the corporation not for profit must have been exempt as of January 20 of the year for whi ch exemption from ad valorem property taxes is requested from federal income taxation by having qualified as an exempt charitable organization under the provisions of s. 501(c)(3) of the Internal Revenue Code of 1954 or of the corresponding section of a su bsequently enacted federal revenue CS/HB 2021 act. Section 2. This act shall take effect January 1, 2022.