The proposed bill establishes a new section, 212.1836, in the Florida Statutes, which introduces the Homebuyer Workforce Tax Credit. This credit is designed to assist eligible employees who are first-time homebuyers by allowing certain taxpayers, specifically employers who have operated in the state for at least three consecutive years, to receive a tax credit for contributions made towards down payments or closing costs. The bill defines key terms such as "eligible employee," "eligible expenses," and "employer contribution," and stipulates that taxpayers can receive a credit of up to 100% of their contributions, with a maximum of $5,000 per employee. Additionally, taxpayers can also receive credits for contributions made to government programs that assist with down payments.

The bill outlines the application process for taxpayers, requiring them to submit applications to the Department of Revenue, which will approve them on a first-come, first-served basis. The department is authorized to allocate $5 million in tax credits for each of the fiscal years 2026-2027, 2027-2028, and 2028-2029. Unused credits can be carried forward for up to three years, but they cannot be sold or transferred to another entity. The bill also includes provisions for the department to adopt necessary rules for administration and specifies that the section will be repealed on January 1, 2030, unless reenacted by the Legislature. The act is set to take effect on July 1, 2026.