Florida Senate - 2025                                    SB 1720
       
       
        
       By Senator Burgess
       
       
       
       
       
       23-01329A-25                                          20251720__
    1                        A bill to be entitled                      
    2         An act relating to exemption of assets; amending s.
    3         222.22, F.S.; exempting certain moneys from specified
    4         legal processes; defining the term “homeowner savings
    5         plan”; providing for contingent effect of specified
    6         provisions; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsections (6) and (7) are added to section
   11  222.22, Florida Statutes, to read:
   12         222.22 Exemption of assets in qualified tuition programs,
   13  medical savings accounts, Coverdell education savings accounts,
   14  and hurricane savings accounts, homeowner savings plans, and
   15  qualified home disaster mitigation and recovery expenses
   16  accounts from legal process.—
   17         (6)(a) Moneys paid into or out of, the assets of, and the
   18  income of any homeowner savings plan are not liable to
   19  attachment, levy, garnishment, or legal process in this state in
   20  favor of any creditor of or claimant against any plan
   21  participant, purchaser, owner or contributor, or plan
   22  beneficiary.
   23         (b) As used in this subsection, the term “homeowner savings
   24  plan” means a plan used by the owner of homestead property
   25  within this state to reduce taxable income based on the value of
   26  such property with the savings from such reduction being
   27  directed back into the plan to use on expenses related to
   28  homeownership.
   29         (c) This subsection shall take effect only when the Federal
   30  Government provides tax-exempt or tax-deferred status to a
   31  homeowner savings plan.
   32         (7) Moneys paid into or out of, the assets of, and the
   33  income of any qualified home disaster mitigation and recovery
   34  expenses account established by the account beneficiary of a
   35  trust authorized under the Internal Revenue Code of 1986, as
   36  amended, are not liable to attachment, levy, garnishment, or
   37  legal process in this state in favor of any creditor of or
   38  claimant against any account participant, purchaser, owner or
   39  contributor, or account beneficiary.
   40         Section 2. This act shall take effect July 1, 2025.