summary
Introduced
02/26/2025
02/26/2025
In Committee
03/06/2025
03/06/2025
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 insurance premium 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 and emergency preparedness efforts. Following a state of emergency declaration by the Governor, 20% of specific insurance premium taxes will be distributed to the trust fund, which can be used exclusively for the My Safe Florida Home Program. The Department of Revenue must distribute these funds within three months of a hurricane's landfall, and any unspent balance will remain in the trust fund at the end of each fiscal year. The trust fund has a maximum capacity of $300 million; any excess funds will be transferred to the General Revenue Fund. The Department of Financial Services is required to provide an annual report on the fund's balances and transfers to the Senate President and House Speaker by February 1st 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 financial mechanism to support home safety and emergency preparedness in Florida.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Banking and Insurance (S)
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Indefinitely postponed and withdrawn from consideration (on 05/03/2025)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/2025/1466 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/1466/BillText/c1/HTML |
| Analysis - Banking and Insurance (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2025/1466/Analyses/2025s01466.bi.PDF |
| https://www.flsenate.gov/Session/Bill/2025/1466/Amendment/431514/HTML | |
| Analysis - Banking and Insurance (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2025/1466/Analyses/2025s01466.pre.bi.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2025/1466/BillText/Filed/HTML |
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