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

Summary: Revising an eligibility requirement for Florida limited partnerships applying for the exemption, etc.

Full Text:
An act relating to an ad valorem tax exemption for nonprofit homes for the aged; amending s. 196.1975, F.S.; revising an eligibility requirement for Florida limited partnerships applying for the exemption; 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 under 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 not licensed under chapter and wholly owned by a corporation not for profit under chapter,and the corporation not for profit must have been exempt as of January of the year for which 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 subsequently enacted federal revenue act. Section 2. This act shall take effect January 1, 2024.