Florida lawmakers are advancing a bill designed to incentivize bosses to help cover the cost of a full-time employee's first house.
Employers would be able to contribute $1,000 to $5,000 for the employee’s down payment or closing costs and get a 100% tax credit back.
If the legislation goes the distance, the “Homebuyer Workforce Tax Credit” would be available for three years, with applications opening in October. The state would approve applications on a first-come, first-served basis.
Employers can't get more than $500,000 in tax credits in a year. The program is capped at $5 million annually statewide.
Employees receiving the benefit must be “a moderate-income person,” meaning their household earns no more than 120 percent of the surrounding area's median income.
The credit is limited to companies that pay Florida corporate income taxes or insurance premium taxes — excluding nonprofits, many small businesses and government employers.
The bill, HB 311, passed its second of three assigned committees on Tuesday with bipartisan support — and excitement.
“I honestly just want to say I'm really grateful to see the bill here in [the committee],” said Rep. Michelle Salzman, R-Escambia County, addressing Rep. Jervonte "Tae" Edmonds of West Palm Beach, the bill sponsor and a Democrat.
The Senate version of the bill, SB 1672, has been approved by one of its three assigned committees.
If you have any questions about state government or the legislative process, you can ask the Your Florida team by clicking here.
This story was produced by WUSF as part of a statewide journalism initiative funded by the Corporation for Public Broadcasting.
