Read the full stored bill text
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.—
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(1)
For the purposes of this section, the term:
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(a)
“Eligible employee” means a person who has established
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permanent residency in the state and who has not previously
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owned a home in the state.
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(b)
“Eligible expenses” means a down payment or any closing
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costs.
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(c)
“Eligible taxpayer” means an employer who has operated
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in the state for at least 3 consecutive years.
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(d)
“Employer contribution” means a monetary contribution
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of at least $1,000 from an employer to his or her employee
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pursuant to this section.
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(e)
“Qualifying home purchase” means property purchased by
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an eligible employee as a primary residence.
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(2)
An eligible taxpayer may receive a tax credit for 100
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percent of the employer contribution to an eligible employee to
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pay for eligible expenses related to a qualifying home purchase.
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A taxpayer may not receive more than $5,000 of credit for
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contributions made to a single employee.
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(3)
An eligible taxpayer may receive a tax credit for 100
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percent of a contribution made to a government program offering
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down payment assistant to residents of the state, including the
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Florida Hometown Hero program under s. 420.5096.
50
(4)
A taxpayer may submit an application to the department
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for a tax credit under subsection (2) or subsection (3).
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(5)
The credit under this section may be used against any
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tax due for the taxable year under chapter 220 or under s.
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624.509(1).
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(6)
The department shall approve applications on a first
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come, first-served basis. The department may authorize $5
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million in tax credits in each of state fiscal years 2026-2027,
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2027-2028, and 2028-2029.
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(7)
If a tax credit approved under subsection (6) is not
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fully used for the specified taxable year because of
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insufficient tax liability on the part of the taxpayer, the
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unused amount may be carried forward for a period not to exceed
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3 taxable years.
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(8)
A taxpayer may not convey, transfer, or assign an
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approved tax credit or carryforward tax credit to another
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entity.
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(9)
The department may adopt rules necessary to administer
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this section, including rules establishing application forms,
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procedures governing the approval and carryforward of tax
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credits, and procedures to be followed by taxpayers when
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claiming approved tax credits on their returns.
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(10)
This section is repealed January 1, 2030, unless
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reviewed and saved from repeal through reenactment by the
74
Legislature.
75 Section 2. This act shall take effect July 1, 2026.