Florida S1430 revises eligibility for ad valorem tax exemption for nonprofit homes for the aged.

Florida S1430 amends the eligibility criteria for ad valorem tax exemption for nonprofit homes for the aged. It specifies that the applicant must be a corporation not for profit or a Florida limited partnership with a sole general partner that is a corporation not for profit. The corporation must have been exempt from federal income taxation under s. 501(c)(3) of the Internal Revenue Code. The changes apply starting with the 2027 ad valorem tax.

Florida S1430 revises eligibility for ad valorem tax exemption for nonprofit homes for the aged.

Florida S1430 amends the eligibility criteria for ad valorem tax exemption for nonprofit homes for the aged. It specifies that the applicant must be a corporation not for profit or a Florida limited partnership with a sole general partner that is a corporation not for profit. The corporation must have been exempt from federal income taxation under s. 501(c)(3) of the Internal Revenue Code. The changes apply starting with the 2027 ad valorem tax.