Florida Senate - 2026                                     SB 472
       
       
        
       By Senator Jones
       
       
       
       
       
       34-00362-26                                            2026472__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 624.3154,
    3         F.S.; providing legislative findings; creating the
    4         Tariffs Result in Untimely Money Problems (TRUMP)
    5         Trust Fund; providing for funding of the trust fund;
    6         providing for future review and termination of the
    7         trust fund; providing an effective date.
    8  
    9         WHEREAS, on February 1, 2025, President Donald J. Trump
   10  issued Executive Order 14193 and Executive Order 14194, imposing
   11  steep tariffs on most goods imported from Canada and Mexico, and
   12         WHEREAS, on April 2, 2025, President Donald J. Trump issued
   13  Executive Order 14257, imposing a minimum global tariff of 10
   14  percent, with higher tariffs on specific countries, and
   15         WHEREAS, the tariffs imposed have steeply increased the
   16  costs of building materials, including, but not limited to,
   17  steel, aluminum, copper, timber, and lumber, and
   18         WHEREAS, the National Association of Home Builders
   19  estimates that approximately 7 percent of all goods used in new
   20  residential construction originate from outside of the United
   21  States, and
   22         WHEREAS, the National Association of Home Builders has
   23  found that a majority of builders reported price increases due
   24  to tariffs, resulting in an estimated cost increase of $10,900
   25  per home, and
   26         WHEREAS, tariffs increase construction costs by raising
   27  prices for imported building materials, forcing contractors to
   28  seek alternative sources, adjust contracts, and delay or cancel
   29  projects, and
   30         WHEREAS, rising construction costs have increased the
   31  expense of repairing or rebuilding homes after a covered loss,
   32  which has contributed to higher homeowners’ insurance premiums,
   33  including an estimated $464 annual increase per household in
   34  Florida, NOW, THEREFORE,
   35  
   36  Be It Enacted by the Legislature of the State of Florida:
   37  
   38         Section 1. Section 624.3154, Florida Statutes, is created
   39  to read:
   40         624.3154 Tariffs Result in Untimely Money Problems (TRUMP)
   41  Trust Fund.—
   42         (1) The Legislature finds it necessary to respond to the
   43  economic impact of federal policies that have resulted in record
   44  increases in the cost of construction materials.
   45         (2) There is created within the Department of Financial
   46  Services the Tariffs Result in Untimely Money Problems (TRUMP)
   47  Trust Fund, which shall provide financial assistance to
   48  homeowners to offset increased repair and rebuilding costs
   49  resulting from tariffs.
   50         (3) The trust fund shall consist of $500 million drawn from
   51  unallocated general revenue.
   52         (4) In accordance with s. 19(f)(2), Art. III of the State
   53  Constitution, the trust fund shall, unless terminated sooner, be
   54  terminated on July 1, 2030. Before its scheduled termination,
   55  the trust fund shall be reviewed as provided in s. 215.3206(1).
   56         Section 2. This act shall take effect July 1, 2026.