SB 2884: DEPARTMENT OF TAXATION; INCOME TAX CREDIT; HURRICANE RESISTANCE RETROFIT; GENERAL EXCISE TAX; RATE REDUCTION
- Session Year: 2025-2026
- House: Senate
- Latest Version Date: 2026-02-19
Current Status:
In Progress
(2026-02-20: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.)
Introduced
First Committee Review
First Chamber
Second Committee Review
Second Chamber
Final Decking
Enacted
Establishes a nonrefundable individual income tax credit for a certain percentage of expenses paid to retrofit a residence with wind resistive devices or to purchase, install, or construct, a hurricane shelter on the taxpayer's property. Reduces the general excise tax rate on the gross proceeds or income from the sale of a concrete high-rise certified hurricane-resistant residential project or certain hurricane-resistant components of the project. Applies to taxable years beginning after 12/31/2026. Sunsets 12/31/2030. Effective 7/1/2050. (SD1)
Discussed in Hearing
4MINSenate Standing Committee on Commerce and Consumer Protection
4MINSenate Standing Committee on Health and Human Services
4MINSenate Standing Committee on Economic Development and Tourism
4MINSenate Standing Committee on Transportation
30SECSenate Standing Committee on Commerce and Consumer Protection
30SECSenate Standing Committee on Health and Human Services
30SECSenate Standing Committee on Economic Development and Tourism
30SEC