The bill establishes a new framework for tax credits aimed at assisting homebuyers in Florida by creating part VII of chapter 420, Florida Statutes, which includes sections 420.951 and 420.952. It allows eligible taxpayers to receive a tax credit for contributions made to help employees with down payments and closing costs on qualifying home purchases, with a maximum credit of $500,000 per taxable year and a limit of $5,000 for contributions to a single employee. The bill outlines the application process, requiring documentation for eligibility, and permits unused credits to be carried forward for up to five years. It also prohibits the sale or transfer of these credits and empowers the Department of Revenue to adopt necessary rules for implementation.

Additionally, the bill introduces section 220.1856, providing a credit against corporate income tax for contributions made under section 420.952, effective for taxable years beginning on or after January 1, 2027. It amends existing statutes to incorporate these new credits into the order of application and mandates that any credit taken must be added back to taxable income. The legislation includes a maximum annual tax credit amount of $5 million for the fiscal years 2026-2029 and allows the Department of Revenue to adopt emergency rules for the Homebuyer Workforce Tax Credit, which will be effective for six months after adoption. The bill is set to take effect upon becoming law, with most provisions effective July 1, 2026.

Statutes affected:
H 311 c1: 220.02, 220.13