New bill would help Florida workers buy their first homes

In today’s housing market, owning a home can feel out of reach for many Floridians.With average home prices hovering around $400,000 statewide, saving for a down payment remains one of the biggest hurdles for prospective buyers.State Rep. Jervonte Edmonds has filed House Bill 311 aimed at easing that burden through a new tax credit program.”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.Under the proposal, certain private companies would participate in a first-time homebuyer assistance program, providing employees with at least $5,000 to use toward a down payment and closing costs.Edmonds said the bill targets larger employers that already pay premium sales and insurance taxes. In return for contributing to their employees’ homebuying costs, those companies would receive a corporate tax write-off.”We’re targeting larger employers, employers who already pay a premium sales tax and insurance sales tax as well,” Edmonds said. “This is a corporate write-off tax for big corporations such as Publix, Comcast, FPL, engineering firms. All these different places that have multiple employees can really make a game-changer here.”Some residents said they support the idea.”Sounds good to me!” one man said.”There’s such a housing problem right now with everything being so high, so I think it would be great,” said Laura Slate, a Florida resident. The program could serve as a way for companies to give back to loyal workers.”A lot of people are loyal to their jobs, and that would give them their own chance to own their own home,” Slate added.Edmonds said the proposed tax credit would be available for three years, giving Floridians a limited window to take advantage of the program.”This test is going to be up to three years,” he said. “So this gives Floridians a chance to take advantage of this tax credit for the next three years. And again, this allows us to have a public and private partnership.”The bill is currently in the Commerce Committee.

In today’s housing market, owning a home can feel out of reach for many Floridians.

With average home prices hovering around $400,000 statewide, saving for a down payment remains one of the biggest hurdles for prospective buyers.

State Rep. Jervonte Edmonds has filed House Bill 311 aimed at easing that burden through a new tax credit program.

“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.

Under the proposal, certain private companies would participate in a first-time homebuyer assistance program, providing employees with at least $5,000 to use toward a down payment and closing costs.

Edmonds said the bill targets larger employers that already pay premium sales and insurance taxes. In return for contributing to their employees’ homebuying costs, those companies would receive a corporate tax write-off.

“We’re targeting larger employers, employers who already pay a premium sales tax and insurance sales tax as well,” Edmonds said. “This is a corporate write-off tax for big corporations such as Publix, Comcast, FPL, engineering firms. All these different places that have multiple employees can really make a game-changer here.”

Some residents said they support the idea.

“Sounds good to me!” one man said.

“There’s such a housing problem right now with everything being so high, so I think it would be great,” said Laura Slate, a Florida resident.

The program could serve as a way for companies to give back to loyal workers.

“A lot of people are loyal to their jobs, and that would give them their own chance to own their own home,” Slate added.

Edmonds said the proposed tax credit would be available for three years, giving Floridians a limited window to take advantage of the program.

“This test is going to be up to three years,” he said. “So this gives Floridians a chance to take advantage of this tax credit for the next three years. And again, this allows us to have a public and private partnership.”

The bill is currently in the Commerce Committee.