The bill amends section 222.22 of the Florida Statutes to include new exemptions for certain financial accounts from legal processes such as attachment, levy, or garnishment. Specifically, it introduces the "homeowner savings plan," which allows homeowners to reduce their taxable income based on the value of their homestead property, with savings directed back into the plan for homeownership-related expenses. Additionally, it establishes exemptions for qualified home disaster mitigation and recovery expenses accounts.

The new provisions specify that the assets and income from these accounts are protected from creditors, ensuring that participants can utilize their savings without the risk of legal claims. However, the implementation of the homeowner savings plan is contingent upon the Federal Government granting it tax-exempt or tax-deferred status. The bill is set to take effect on July 1, 2025.