Florida Senate - 2026                                    SB 1672
       
       
        
       By Senator McClain
       
       
       
       
       
       9-00673-26                                            20261672__
    1                        A bill to be entitled                      
    2         An act relating to tax credits for contributions to
    3         assist homebuyers; creating s. 212.1836, F.S.;
    4         defining terms; authorizing certain taxpayers to
    5         receive a tax credit for contributions made to certain
    6         employees for specified expenses related to buying a
    7         home; providing a maximum credit authorized in certain
    8         circumstances; authorizing a taxpayer to receive a tax
    9         credit for contributions made to certain programs;
   10         authorizing the taxpayer to submit an application for
   11         the tax credit; authorizing the tax credit to be used
   12         against certain taxes; requiring the Department of
   13         Revenue to approve applications on a first-come,
   14         first-served basis; providing the maximum amount of
   15         credits authorized for certain fiscal years;
   16         authorizing unused credits to carryforward for a
   17         specified period of time in certain circumstances;
   18         prohibiting the sale or transfer of certain tax
   19         credits; authorizing the department to adopt rules;
   20         providing for future repeal; providing an effective
   21         date.
   22          
   23  Be It Enacted by the Legislature of the State of Florida:
   24  
   25         Section 1. Section 212.1836, Florida Statutes, is created
   26  to read:
   27         212.1836 Homebuyer Workforce Tax Credit.—
   28         (1) For the purposes of this section, the term:
   29         (a) “Eligible employee” means a person who has established
   30  permanent residency in the state and who has not previously
   31  owned a home in the state.
   32         (b) “Eligible expenses” means a down payment or any closing
   33  costs.
   34         (c) “Eligible taxpayer” means an employer who has operated
   35  in the state for at least 3 consecutive years.
   36         (d) “Employer contribution” means a monetary contribution
   37  of at least $1,000 from an employer to his or her employee
   38  pursuant to this section.
   39         (e) “Qualifying home purchase” means property purchased by
   40  an eligible employee as a primary residence.
   41         (2) An eligible taxpayer may receive a tax credit for 100
   42  percent of the employer contribution to an eligible employee to
   43  pay for eligible expenses related to a qualifying home purchase.
   44  A taxpayer may not receive more than $5,000 of credit for
   45  contributions made to a single employee.
   46         (3) An eligible taxpayer may receive a tax credit for 100
   47  percent of a contribution made to a government program offering
   48  down payment assistant to residents of the state, including the
   49  Florida Hometown Hero program under s. 420.5096.
   50         (4) A taxpayer may submit an application to the department
   51  for a tax credit under subsection (2) or subsection (3).
   52         (5) The credit under this section may be used against any
   53  tax due for the taxable year under chapter 220 or under s.
   54  624.509(1).
   55         (6) The department shall approve applications on a first
   56  come, first-served basis. The department may authorize $5
   57  million in tax credits in each of state fiscal years 2026-2027,
   58  2027-2028, and 2028-2029.
   59         (7) If a tax credit approved under subsection (6) is not
   60  fully used for the specified taxable year because of
   61  insufficient tax liability on the part of the taxpayer, the
   62  unused amount may be carried forward for a period not to exceed
   63  3 taxable years.
   64         (8) A taxpayer may not convey, transfer, or assign an
   65  approved tax credit or carryforward tax credit to another
   66  entity.
   67         (9) The department may adopt rules necessary to administer
   68  this section, including rules establishing application forms,
   69  procedures governing the approval and carryforward of tax
   70  credits, and procedures to be followed by taxpayers when
   71  claiming approved tax credits on their returns.
   72         (10) This section is repealed January 1, 2030, unless
   73  reviewed and saved from repeal through reenactment by the
   74  Legislature.
   75         Section 2. This act shall take effect July 1, 2026.