Florida Senate - 2026 SB By Senator McClain 9-00673-26 20261672__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled

An act relating to tax credits for contributions to assist homebuyers; creating s. 212.1836, F.S.; 3 defining terms; authorizing certain taxpayers to receive a tax credit for contributions made to certain employees for specified expenses related to buying a home; providing a maximum credit authorized in certain circumstances; authorizing a taxpayer to receive a tax credit for contributions made to certain programs; 9 authorizing the taxpayer to submit an application for the tax credit; authorizing the tax credit to be used against certain taxes; requiring the Department of Revenue to approve applications on a first-come, 13 first-served basis; providing the maximum amount of credits authorized for certain fiscal years; 15 authorizing unused credits to carryforward for a specified period of time in certain circumstances; 17 prohibiting the sale or transfer of certain tax credits; authorizing the department to adopt rules; 19 providing for future repeal; providing an effective date. 21

Be It Enacted by the Legislature of the State of Florida: 23

Section

Section 212.1836, Florida Statutes, is created to read: 26 212.1836 Homebuyer Workforce Tax Credit.— 27

(1) For the purposes of this section, the term: 28

(a) “Eligible employee” means a person who has established Florida Senate - 2026 SB 1672 9-00673-26 20261672__ CODING: Words stricken are deletions; words underlined are additions. permanent residency in the state and who has not previously owned a home in the state. 31

(b) “Eligible expenses” means a down payment or any closing costs. 33

(c) “Eligible taxpayer” means an employer who has operated in the state for at least consecutive years. 35

(d) “Employer contribution” means a monetary contribution of at least $1,000 from an employer to his or her employee pursuant to this section. 38

(e) “Qualifying home purchase” means property purchased by an eligible employee as a primary residence. 40

(2) An eligible taxpayer may receive a tax credit for 100 percent of the employer contribution to an eligible employee to pay for eligible expenses related to a qualifying home purchase. 43 A taxpayer may not receive more than $5,000 of credit for contributions made to a single employee. 45

(3) An eligible taxpayer may receive a tax credit for 100 percent of a contribution made to a government program offering down payment assistant to residents of the state, including the Florida Hometown Hero program under s. 420.5096. 49

(4) A taxpayer may submit an application to the department for a tax credit under subsection (2) or subsection (3). 51

(5) The credit under this

section may be used against any tax due for the taxable year under

chapter or under s. 53 624.509(1). 54

(6) The department shall approve applications on a first-55 come, first-served basis. The department may authorize $5 million in tax credits in each of state fiscal years 2026-2027, 57 2027-2028, and 2028-2029. 58 Florida Senate - 2026 SB 1672 9-00673-26 20261672__ CODING: Words stricken are deletions; words underlined are additions.

(7) If a tax credit approved under subsection (6) is not fully used for the specified taxable year because of insufficient tax liability on the part of the taxpayer, the unused amount may be carried forward for a period not to exceed 62 taxable years. 63

(8) A taxpayer may not convey, transfer, or assign an approved tax credit or carryforward tax credit to another entity. 66

(9) The department may adopt rules necessary to administer this section, including rules establishing application forms, 68 procedures governing the approval and carryforward of tax credits, and procedures to be followed by taxpayers when claiming approved tax credits on their returns. 71

(10) This

section is repealed January 1, 2030, unless reviewed and saved from repeal through reenactment by the Legislature. 74

Section 2. This act shall take effect July 1, 2026. 75