The proposed bill establishes the Working Floridians Tax Rebate Program, aimed at providing financial relief to low-income and moderate-income residents in Florida. Under the new section 220.55 of the Florida Statutes, individuals or households that qualify for the federal Earned Income Tax Credit (EITC) may receive a state rebate, contingent upon maintaining a Florida residence and submitting an application by June 30 of the year they received the EITC. The rebate amount will not exceed 20% of the EITC received, and the Department of Revenue is tasked with issuing payments within 30 days of application verification, allocating funds on a first-come, first-served basis until the fiscal year's appropriated funds are exhausted.

Additionally, the bill mandates the Department of Revenue to prepare a report by December 31, 2027, assessing the feasibility of implementing an automatic rebate program that would allow eligible individuals to receive funds without annual applications. The report will outline barriers to such a program and provide recommendations if deemed unfeasible, or include a legislative proposal if feasible. Importantly, the receipt of the rebate will not affect eligibility for programs like Medicaid or the Supplemental Nutrition Assistance Program. The bill also stipulates that revenue from annual taxes generated under chapter 220 will be allocated to the rebate program starting in the 2025-2026 fiscal year, with the act set to take effect on July 1, 2025.