Panel backs tax credit to help employers assist employees with home purchases
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Summary
HB 311 would let employers contribute to first‑time buyers’ down payments or closing costs and claim a 100% state tax credit (up to $5,000 per employee), subject to employer and statewide caps; the committee reported the bill favorably after industry and lawmakers voiced support.
Representative Edmonds presented PCS for HB 311, the Homebuyer Workforce Tax Credit, saying the bill ‘‘allows employers to help their employees buy their first home and receive a state tax credit for doing so.’’ Under the measure employers may contribute at least $1,000 toward an employee’s down payment or closing costs and receive a 100% tax credit up to $5,000 per employee; credits are capped at $500,000 per employer annually, subject to a statewide cap of $5,000,000 and may be carried forward up to five years.
Colton Medill of the Florida Chamber of Commerce waved in support. Representative Hart Lohman praised the bill as a ‘‘phenomenal opportunity for workforce attainable’’ housing and said he intended to cosponsor the measure.
The committee conducted a brief debate, and the bill was reported favorably by roll call (18 yeas, 0 nays recorded on the committee sheet). The measure now moves forward for further consideration.