HB 311 — Tax Credits for Contributions to Assist Homebuyers

(2) "Eligible employee" means a full-time employee who:

(a) Has established permanent residency in the state;

(b) Is a moderate-income person as that term is defined in s.

420.602;

and Page 2 of 14 CODING:

hb311-00hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 311 2026 212.1836(c) HomebuyerHas Workforcenot Taxowned Credit.—property (1)to Forwhich the purposeshomestead ofexemption thisprovided section,in thes. term:

(a)196.031(1)(a) "Eligibleapplied employee" means a person who has established permanent residency in the state3 andcalendar whoyears hasbefore notsuch previouslypurchase. owned a home in this state.

(b)(3) "Eligible expenses" means a down payment or any closing costs.costs related to a qualifying home purchase.

(c)(4) "Eligible taxpayer" means ana employertaxpayer whoas hasdefined operated in thes. state for at least 3 consecutive years.

(d)220.03(1)(z) "Employeror contribution" means a monetary contribution of at least $1,000 from an employerinsurer toas hisdefined orin hers. employee pursuant to this section.

(e)624.509(9) "Qualifyingwho homehas purchase"operated meansin propertythe purchasedstate byfor anat eligibleleast employee3 asconsecutive ayears. primary residence.

(2)(5) An"Employer eligiblecontribution" taxpayermeans may receive a taxmonetary creditcontribution for 100 percent of theat employerleast contribution$1,000 tofrom an eligibleemployer employee to payits foremployee eligiblepursuant expenses related to athis qualifyingpart. home purchase.

A(6) taxpayer"Qualifying mayhome notpurchase" receivemeans morethe thanpurchase $5,000 of credita property by an eligible employee for contributionsuse madeas tohis aor singleher employee.primary residence.

(3)(7) A"Maximum taxpayerannual may receive a tax credit foramount" 100means, percentfor ofany astate contributionfiscal madeyear, tothe asum government program offering down payment assistant to residents of the state,amount includingof thetax Floridacredits Hometownapproved Hero program under s.

420.5096.420.952, including tax credits to be taken under s.

(4)220.1856 A taxpayer may submit an application to the department for a tax credit under subsections (2) or (3).s.

Page624.51065, 2which the department may approve for taxpayers whose taxable years begin on or after January 1 of 3the CODING:calendar year preceding the start of the applicable state fiscal year.

(8) "Tax due" means any tax required under chapter 220 or chapter 624.

Section 3.

Section 420.952, Florida Statutes, is created to read:

Page 3 of 14 CODING:

hb311-00hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S HBCS/HB 311 2026 (5)420.952 TheHomebuyer creditWorkforce underTax thisCredit.— section(1) An eligible taxpayer may bereceive useda credit against any tax duedue, forup theto $500,000 per taxable yearyear, underfor chapter100 220percent orof underan s.employer contribution to an eligible employee to pay for eligible expenses related to a qualifying home purchase.

624.509(1).An eligible taxpayer may not receive more than $5,000 of credit for employer contributions made to a single employee.

(6)(2) The departmentcredit shall approvebe applicationsfirst onapplied ato first-the come,taxable first-servedyear basis.in which the contribution is made.

TheIf departmenta maytax authorizecredit $5approved millionunder inthis section is not fully used for the specified taxable year because of insufficient tax creditsliability inon eachthe part of statethe fiscaleligible yearstaxpayer, 2026-2027,the 2027-2028,unused andamount 2028-2029.may be carried forward for a period not to exceed 5 taxable years.

(7)For Ifpurposes a tax credit approved under subsection (6) is not fully used for the specified taxable year because of insufficients. tax liability on the part of the taxpayer, the unused amount may be carried forward for a period not to exceed 3 taxable years.

(8)220.1856, Athe taxpayercarryover credit may notbe convey,used transfer,in ora assignsubsequent anyear approvedafter taxapplying creditthe orother carryforwardcredits taxand unused credit tocarryovers anotherin entity.the order provided in s.

220.02(8).

(3) The total credit taken by an eligible taxpayer in a single taxable year may not exceed the total of the credit approved by the department pursuant to subsection (4).

(4) Beginning October 1, 2026, an eligible taxpayer may submit an application to the department for the purposes of determining qualification for a credit under this section.

The department must approve the application for the credit before the eligible taxpayer is authorized to claim the credit on a return.

Page 4 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 (a) An application must include, on a form prescribed by the department, documentation including:

1.

A statement signed under oath by the eligible employee that he or she received the eligible contribution, that the employee's household met the applicable income limitation, and that such contribution was used for a qualifying home purchase.

2.

Evidence that the eligible employee has been approved by the property appraiser for a homestead exemption on the applicable property.

3.

Any other information the department requires to verify qualification for the credits authorized under subsection (1).

(b) The eligible taxpayer shall specify in the application each tax for which the taxpayer requests a credit and the applicable taxable year.

For purposes of s.

220.1856, a taxpayer may apply for a credit to be used for a prior taxable year before the date the taxpayer is required to file a return for that year pursuant to s.

220.222.

For purposes of s.

624.51065, a taxpayer may apply for a credit to be used for a prior taxable year before the date the taxpayer is required to file a return for that prior taxable year pursuant to ss.

624.509 and 624.5092.

(5) The department shall approve applications on a first- come, first-served basis within 30 days after receipt of a completed application.

Within 10 days after approving or denying an application, the department shall provide a copy of its Page 5 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 approval or denial letter to the taxpayer.

If the department determines that an application is incomplete, the department shall notify the taxpayer in writing and the taxpayer shall have 30 days after receiving such notification to correct any deficiency.

If corrected in a timely manner, the application must be deemed completed as of the date the application was first submitted.

(6) For purposes of calculating the underpayment of estimated corporate income taxes under s.

220.34 and tax installment payments for taxes on insurance premiums or assessments under s.

624.5092, the final amount due is the amount after credits earned under s.

220.1856 or s.

624.51065 are deducted.

(a) For purposes of determining if a penalty or interest under s.

220.34(2)(d)1.

will be imposed for underpayment of estimated corporate income tax, a taxpayer may, after earning a credit under s.

220.1856, reduce any estimated payment in that taxable year by the amount of the credit.

(b) For purposes of determining if a penalty under s.

624.5092 will be imposed, an insurer, after earning a credit under s.

624.51065 for a taxable year, may reduce any installment payment for such taxable year of 27 percent of the amount of the net tax due as reported on the return for the preceding year under s.

624.5092(2)(b) by the amount of the credit.

Page 6 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 (7) For state fiscal years 2026-2027, 2027-2028, and 2028- 2029, the maximum annual tax credit amount is $5 million.

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

(10)(10)(a) This section is repealed January 1, 2030, unless reviewed and saved from repeal through reenactment by the Legislature.

Section(b) 2.Notwithstanding the repeal of this section contained in paragraph (a), carryover credits authorized under subsection (2) remain valid until their scheduled expiration.

ThisSection act4. shall take effect July 1, 2026.

PageSection 3220.1856, ofFlorida 3Statutes, CODING:is created to read:

220.1856 Homebuyer Workforce Tax Credit.— (1) For taxable years beginning on or after January 1, 2027, there is allowed a credit of 100 percent of an eligible contribution made under s.

420.952 against any tax due for a taxable year under this chapter.

An eligible contribution must be made on or before the date the taxpayer is required to file a return pursuant to s.

220.222.

Page 7 of 14 CODING:

hb311-00hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 (2) A taxpayer who files a Florida consolidated return as a member of an affiliated group pursuant to s.

220.131(1) may be allowed the credit on a consolidated return basis.

(3) Section 420.952 applies to the credit authorized by this section.

(4) If a taxpayer applies and is approved for a credit under s.

420.952 after timely requesting an extension to file under s.

220.222(2):

(a) The credit does not reduce the amount of tax due for purposes of the department's determination as to whether the taxpayer was in compliance with the requirement to pay tentative taxes under ss.

220.222 and 220.32.

(b) The taxpayer's noncompliance with the requirement to pay tentative taxes shall result in the revocation and rescindment of any such credit.

(c) The taxpayer shall be assessed for any taxes, penalties, or interest due from the taxpayer's noncompliance with the requirement to pay tentative taxes.

Section 5.

Subsection (8) of section 220.02, Florida Statutes, is amended to read:

220.02 Legislative intent.— (8) It is the intent of the Legislature that credits against either the corporate income tax or the franchise tax be applied in the following order:

those enumerated in s.

631.828, those enumerated in s.

220.191, those enumerated in s.

220.181, Page 8 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 those enumerated in s.

220.183, those enumerated in s.

220.182, those enumerated in s.

220.1895, those enumerated in s.

220.195, those enumerated in s.

220.184, those enumerated in s.

220.186, those enumerated in s.

220.1845, those enumerated in s.

220.19, those enumerated in s.

220.185, those enumerated in s.

220.1875, those enumerated in s.

220.1876, those enumerated in s.

220.1877, those enumerated in s.

220.18775, those enumerated in s.

220.1878, those enumerated in s.

288.062, those enumerated in former s.

288.9916, those enumerated in former s.

220.1899, those enumerated in former s.

220.194, those enumerated in s.

220.196, those enumerated in s.

220.198, those enumerated in s.

220.1915, those enumerated in s.

220.199, those enumerated in s.

220.1991, and those enumerated in s.

220.1992, and those enumerated in s.

220.1856.

Section 6.

Paragraph (a) of subsection (1) of section 220.13, Florida Statutes, is amended to read:

220.13 "Adjusted federal income" defined.— (1) The term "adjusted federal income" means an amount equal to the taxpayer's taxable income as defined in subsection (2), or such taxable income of more than one taxpayer as provided in s.

220.131, for the taxable year, adjusted as follows:

(a) Additions.—There shall be added to such taxable income:

1.a.

The amount of any tax upon or measured by income, Page 9 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 excluding taxes based on gross receipts or revenues, paid or accrued as a liability to the District of Columbia or any state of the United States which is deductible from gross income in the computation of taxable income for the taxable year.

b.

Notwithstanding sub-subparagraph a., if a credit taken under s.

220.1875, s.

220.1876, s.

220.1877, or s.

220.1878 is added to taxable income in a previous taxable year under subparagraph 11.

and is taken as a deduction for federal tax purposes in the current taxable year, the amount of the deduction allowed shall not be added to taxable income in the current year.

The exception in this sub-subparagraph is intended to ensure that the credit under s.

220.1875, s.

220.1876, s.

220.1877, or s.

220.1878 is added in the applicable taxable year and does not result in a duplicate addition in a subsequent year.

2.

The amount of interest which is excluded from taxable income under s.

103(a) of the Internal Revenue Code or any other federal law, less the associated expenses disallowed in the computation of taxable income under s.

265 of the Internal Revenue Code or any other law, excluding 60 percent of any amounts included in alternative minimum taxable income, as defined in s.

55(b)(2) of the Internal Revenue Code, if the taxpayer pays tax under s.

220.11(3).

3.

In the case of a regulated investment company or real estate investment trust, an amount equal to the excess of the Page 10 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 net long-term capital gain for the taxable year over the amount of the capital gain dividends attributable to the taxable year.

4.

That portion of the wages or salaries paid or incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year under s.

220.181.

This subparagraph shall expire on the date specified in s.

290.016 for the expiration of the Florida Enterprise Zone Act.

5.

That portion of the ad valorem school taxes paid or incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year under s.

220.182.

This subparagraph shall expire on the date specified in s.

290.016 for the expiration of the Florida Enterprise Zone Act.

6.

The amount taken as a credit under s.

220.195 which is deductible from gross income in the computation of taxable income for the taxable year.

7.

That portion of assessments to fund a guaranty association incurred for the taxable year which is equal to the amount of the credit allowable for the taxable year.

8.

In the case of a nonprofit corporation which holds a pari-mutuel permit and which is exempt from federal income tax as a farmers' cooperative, an amount equal to the excess of the gross income attributable to the pari-mutuel operations over the attributable expenses for the taxable year.

9.

The amount taken as a credit for the taxable year under s.

220.1895.

Page 11 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 10.

Up to nine percent of the eligible basis of any designated project which is equal to the credit allowable for the taxable year under s.

220.185.

11.

Any amount taken as a credit for the taxable year under s.

220.1875, s.

220.1876, s.

220.1877, or s.

220.1878.

The addition in this subparagraph is intended to ensure that the same amount is not allowed for the tax purposes of this state as both a deduction from income and a credit against the tax.

This addition is not intended to result in adding the same expense back to income more than once.

12.

The amount taken as a credit for the taxable year under s.

220.196.

The addition in this subparagraph is intended to ensure that the same amount is not allowed for the tax purposes of this state as both a deduction from income and a credit against the tax.

The addition is not intended to result in adding the same expense back to income more than once.

13.

The amount taken as a credit for the taxable year pursuant to s.

220.198.

14.

The amount taken as a credit for the taxable year pursuant to s.

220.1915.

15.

The amount taken as a credit for the taxable year pursuant to s.

220.199.

16.

The amount taken as a credit for the taxable year pursuant to s.

220.1991.

17.

The amount taken as a credit for the taxable year Page 12 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 pursuant to s.

220.1856, which was deducted in the computation of taxable income for the taxable year.

Section 7.

Section 624.51065, Florida Statutes, is created to read:

624.51065 Homebuyer Workforce Tax Credit.— (1) For taxable years beginning on or after January 1, 2027, there is allowed a credit of 100 percent of an eligible contribution made under s.

420.952 against any tax due for a taxable year under this chapter after deducting from such tax credits and deductions in the order provided in s.

624.509(7).

(2) An eligible contribution must be made on or before the date the taxpayer is required to file a return pursuant to ss.

624.509 and 624.5092.

An insurer claiming a credit against premium tax liability under this section is not required to pay any additional retaliatory tax levied under s.

624.5091 as a result of claiming such credit.

Section 624.5091 does not limit such credit in any manner.

(3) Section 420.952 applies to the credit authorized by this section.

Section 8.

(1) The Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under s.

120.54(4), Florida Statutes, for the purpose of implementing provisions related to the creation of the Homebuyer Workforce Tax Credit by this act.

Notwithstanding any other law, emergency rules adopted under this section are effective for 6 Page 13 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 311 2026 months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emergency rules.

(2) This section shall take effect upon becoming a law and expires July 1, 2029.

Section 9.

Except as otherwise expressly provided by this act and except for this section, which shall take effect upon becoming a law, this act shall take effect July 1, 2026.

Page 14 of 14 CODING:

Words stricken are deletions;

words underlined are additions.

hb311-01-c1