Florida Florida Statutes
§ 220.185 — State housing tax credit
FS § 220.185Ch. 220
Statute text
View on source(1)DEFINITIONS.—As used in this section, the term:(a) “Credit period” means the period of 5 years beginning with the year the project is completed.
(b)“Eligible basis” means a project's adjusted basis of the housing portion of the qualified project as of the close of the first taxable year of the credit period.
(c)“Adjusted basis” means the owner's adjusted basis in the project, calculated in a manner consistent with the calculation of basis under the Internal Revenue Code, taking into account the adjusted basis of property of a character subject to the allowance for depreciation used in common areas or provided as comparable amenities to the entire project.
(d)“Designated project” means a qualified project designated pursuant to s. 420.5093 to receive the tax credit under this section.
(e)“Qualified project” means a project located in an urban infill area, at least 50 percent of which, on a cost basis, consists of a qualified low-income project within the meaning of s. 42(g) of the Internal Revenue Code, including such projects designed specifically for the elderly but excluding any income restrictions imposed pursuant to s. 42(g) of the Internal Revenue Code upon residents of the project unless such restrictions are otherwise established by the Florida Housing Finance Corporation pursuant to s. 420.5093, and the remainder of which constitutes commercial or single-family residential development consistent with and serving to complement the qualified low-income project.
(f)“Urban infill area” means an area designated for urban infill as defined by s. 163.3164 or as defined through a statewide urban infill study solicited and approved by the Board of Directors of the Florida Housing Finance Corporation.
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