Politics
Lawmakers propose tax credits to enhance hurricane resilience
Rodriguez has introduced a measure that would allow owners of certified resilient and sustainable buildings to receive tax credits.
State lawmakers are looking to cut down on the destruction felt during future hurricanes.
Doral Republican Sen. Ana Maria Rodriguez is carrying a bill (SB 62) developed by the Environment and Natural Resources Committee. It seeks to promote and support hurricane resilient buildings in Florida through various tax incentives and advisory policies.
Resilient buildings are defined as those with specific Leadership in Energy and Environmental Design (LEED) certifications that range between silver, gold and platinum standards. According to the U.S. Green Building Council of Florida, there are almost 3,000 buildings in Florida that have earned a LEED certification.
Owners of LEED buildings would be eligible for a tax credit that would only be allowed to be claimed once. Tax credits depend on the LEED standard and would range from 50 cents per square foot to $2 per square foot of the building every year for a total of five years.
Building owners would be able to file an application with the Department of Business and Professional Regulation (DBPR) electronically. Under certain conditions, unused tax credits could be carried forward or transferred, while the bill also notes that this tax credit could be rescinded if the required information is not provided.
Applicants would need to include evidence of the type of LEED certification granted to their building, the date it received its certification, a statement from the building owner on the building’s energy use, and any other documentation deemed necessary to determine eligibility.
DBPR and the Department of Revenue would be responsible for adopting rules to implement the tax incentives.
The bill would further create and establish the Florida Resilient Building Advisory Council, which would provide recommendations on policies for resilient buildings and hurricane resiliency. The Council would be made up of representatives from various universities and members with specialized knowledge of resilient building designs and operations.
The Council would advise DBPR and the Legislature with meetings held at least semiannually, while DBPR would provide staffing and administrative assistance to ensure the Council has the necessary support to perform its duties effectively.
If passed, the bill would come into effect July 1.
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