Bill > S1720

This bill amends Florida Statutes section 222.22 to add two new provisions protecting certain financial accounts from legal processes like attachment, levy, or garnishment. First, it introduces a "homeowner savings plan," which is defined as a plan allowing homestead property owners to reduce their taxable income and redirect those savings back into the plan for homeownership-related expenses. However, this provision will only take effect if the federal government provides tax-exempt or tax-deferred status to such plans. Second, the bill creates similar legal protections for qualified home disaster mitigation and recovery expenses accounts established under the Internal Revenue Code. These accounts would also be shielded from creditors' legal claims, meaning that money paid into, withdrawn from, or earned by these accounts cannot be seized through standard legal processes. The bill is set to take effect on July 1, 2025, providing future protection for homeowners and those preparing for potential home disaster recovery.

https://www.flsenate.gov/Session/Bill/2025/1720