Florida SB 1672: Protection of Vulnerable Investors

Bill Text

1672 
Tax Credits for Contributions to Assist Homebuyers 
2026-01-09T09:45:56Z 
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; 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, first-served basis, etc. 
Original Filed Version 
2026 
S 
2026-07-01T00:00:00Z 
GB 
General Bill 
__ 

 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.