Tax Credits for Charitable Contributions

Established a $2.5 million annual cap on tax credits starting in fiscal year 2026-2027, with a 10-year carryforward provision for unused credits.

Created new eligibility criteria for charitable organizations, requiring they be 501(c)(3) entities, Florida-based, provide housing for critically ill children at minimal cost, and conduct background checks on staff.

Added requirements for organizations to submit annual audits, federal tax returns, and compliance statements to the Department of Health.

Established penalties for non-compliance, including fund recoupment and a 10-year ban on receiving funding for organizations that fail to meet requirements.

Changed the order of credit application for corporate income tax to prioritize certain credits before the new charitable contribution credit.

Set the program effective date as January 1, 2026, with the act taking effect July 1, 2025.

Created new statutory definitions for terms including 'annual tax credit amount,' 'division,' 'eligible charitable organization,' 'eligible contribution,' and 'tax credit cap amount.'