TALLAHASSEE — A Florida lawmaker has introduced a bill that would create a tax credit program that would help private companies assist their employees, with down payments and closing costs on first homes, an effort to tackle the state’s chronic housing affordability challenges.
The bill, House Bill 311, sponsored by Democratic Rep. Jervonte Edmonds of West Palm Beach, would allow qualifying businesses to contribute up to $5,000 per eligible employee toward the purchase of a primary residence. In return, companies would receive a credit against their corporate income tax or insurance premium tax liabilities.
House Bill 311 reads: “Tax Credits for Contributions to Assist Homebuyers; Authorizing certain taxpayers to receive tax credit for specified contributions; providing requirements for the use of such credits; requiring taxpayer to submit certain application, information, & documentation; requiring DOR to approve applications in specified manner; providing maximum amount of credits authorized; authorizing unused credits to carryforward; prohibiting sale or transfer of certain credits.”
The program is geared toward low- and moderate-income workers making less than certain thresholds, and would be capped at $5 million a year for three years beginning in fiscal 2026-27. The effort targets larger employers who already pay premium sales and insurance taxes, including Publix, Comcast and Florida Power & Light, Edmonds said.
“We’re passing this innovative tax credit where it’s going to allow us to partner with private employers to help pay for their employees’ first home,” Edmonds said. He added that the tax write-off would incentivize businesses while directly benefiting workers, “The employers get to write that amount off based on their corporate income tax, but the homeowners win and that’s what matters the most.”
In Florida, an average home price of around $400,000 means that down payments are a major hurdle for many would-be buyers. The bill is an effort to foster public-private partnerships to relieve that burden, with credits approved by the Department of Revenue on a first-come, first-served basis. Each company could claim up to $500,000 in credits per year for unused amounts carried forward for up to 5 years.
Supporters say the program could help retain workers in the state by encouraging homeownership.
The bill was introduced earlier this month and is now sitting in the House Ways & Means Committee. There is a companion measure in the Senate, Senate Bill 1672, filed by Republican Sen. Lori McClain. If approved, the program would start July 1, with applications available Oct. 1.
Senate Bill 1672 reads: “Tax Credits for Contributions to Assist Homebuyers; 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.”
Edmonds outlined the short-term aspect of the program as a test: “This test is going to be up to three years. So this gives Floridians a chance to take advantage of this tax credit for the next three years.”