Bill
Bill > H0851
FL H0851
Trust Funds/My Safe Florida Home Trust Fund/Department of Financial Services
summary
Introduced
02/20/2025
02/20/2025
In Committee
03/02/2025
03/02/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An act relating to trust funds; creating s. 215.55861, F.S.; creating the My Safe Florida Home Trust Fund within the Department of Financial Services; specifying sources of funds and the purpose of the trust fund; requiring that a certain percentage of specified sales tax be distributed into the fund; requiring the Department of Revenue to distribute certain funds within a specified timeframe; specifying that any balance shall remain in the trust fund under certain circumstances; prohibiting the balance in the trust fund from exceeding a certain amount; requiring that any excess funds be transferred to the General Revenue Fund; requiring the department to ensure compliance with certain provisions and provide a specified report to the Legislature at a specified time annually; providing for future review and termination or re-creation of the trust fund; providing an effective date.
AI Summary
This bill creates the My Safe Florida Home Trust Fund within the Department of Financial Services to support hurricane recovery efforts. Following a gubernatorial state of emergency declaration, 5 percent of state sales tax collected from dealers in affected counties during the two months after a hurricane's landfall will be distributed to the trust fund. The Department of Revenue must transfer these funds within three months of the hurricane's landfall. The trust fund has a cap of $300 million, with any excess funds automatically transferred to the General Revenue Fund. The funds are exclusively intended for the My Safe Florida Home Program, and any unspent balance will remain in the trust fund at the end of each fiscal year. The Department of Financial Services is required to provide an annual report on fund balances and transfers to the Senate President and House Speaker by February 1 each year. The trust fund is set to be automatically reviewed and potentially terminated on July 1, 2029, unless extended. The bill will take effect on July 1, 2025, providing a structured approach to funding hurricane recovery and home safety programs in Florida.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
Indefinitely postponed and withdrawn from consideration (on 05/03/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2025/851 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/851/BillText/Filed/PDF |
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