The bill proposes the creation of a new section, 201.0202, in the Florida Statutes, which introduces an additional documentary stamp tax of $50,000 on residential property transactions for purchasers who already own 15 or more residential properties in the state. However, not-for-profit corporations that purchase residential housing for affordable housing purposes are exempt from this tax unless they own 50 or more residential properties. The tax will be collected concurrently with the existing documentary stamp tax and will be directed to the Department of Revenue.

The funds generated from this additional tax are designated to provide down payment assistance grants specifically for first-time homeowners, thereby aiming to support homeownership among new buyers. The bill is set to take effect on July 1, 2026.