Bill > H0825

This bill amends Florida Statutes section 222.22 to add two new protections for specific types of financial accounts: homeowner savings plans and qualified home disaster mitigation and recovery expenses accounts. The bill defines a "homeowner savings plan" as a financial instrument that allows homestead property owners to reduce their taxable income and redirect those savings back into the plan for homeownership-related expenses. Under this legislation, the assets, income, and funds in these accounts would be protected from legal processes such as attachment, levy, garnishment, or other creditor claims. However, the homeowner savings plan provision will only take effect if the federal government provides tax-exempt or tax-deferred status to such plans. Similarly, the bill extends the same legal protection to accounts established for qualified home disaster mitigation and recovery expenses, ensuring that funds in these accounts cannot be seized by creditors. The bill is set to take effect on July 1, 2025, providing a clear timeline for implementation of these new financial protections.

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https://www.flsenate.gov/Session/Bill/2025/825