Bill > S1672

This bill establishes a new tax credit program in Florida to help eligible employees purchase their first home. An eligible employee is defined as someone who has permanently moved to Florida and has never owned a home in the state. The program allows employers who have been operating in Florida for at least three consecutive years to receive a tax credit for contributions they make to their employees to cover down payments or closing costs, which are considered eligible expenses for a qualifying home purchase. The tax credit is for 100% of the employer's contribution, up to a maximum of $5,000 per employee. Additionally, employers can receive a tax credit for 100% of contributions made to state-approved down payment assistance programs, like the Florida Hometown Hero program. Taxpayers must apply for these credits, which can be used against certain state taxes. The Department of Revenue will approve applications on a first-come, first-served basis, with a total of $5 million in credits authorized for fiscal years 2026-2027, 2027-2028, and 2028-2029. Any unused credits can be carried forward for up to three years, but they cannot be sold or transferred to another entity. The Department of Revenue is authorized to create rules to administer this program, which is set to expire on January 1, 2030, unless extended by the Legislature, and the act takes effect on July 1, 2026.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2026/1672