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—defined as individuals who have established permanent residency in Florida and have not previously owned a home in the state—by providing tax credits for employer contributions towards their homebuying expenses, such as down payments and closing costs. Eligible taxpayers, specifically employers who have operated in Florida for at least three consecutive years, can receive a tax credit equal to 100% of their contributions, capped at $5,000 per employee. Additionally, taxpayers can also receive credits for contributions made to government programs that assist with down payments, including the Florida Hometown Hero program.

The bill outlines the application process for taxpayers to receive these credits, which can be applied against certain taxes due under Florida law. The Department of Revenue is tasked with approving applications on a first-come, first-served basis, with a total of $5 million in credits available 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 other entities. The bill also grants the Department the authority to adopt necessary rules for its administration and includes a provision for repeal on January 1, 2030, unless renewed by the Legislature. The act is set to take effect on July 1, 2026.