No. CS/HB 311
Filed under Housing.
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.
Plain English Summary
AI-GENERATEDEligible employers and insurers can deduct 100% of up to $5,000 per employee for home purchase costs. This reduces their state tax liability directly.
The Department of Revenue must approve each application before a taxpayer can claim the credit on their return. Unused credits carry forward for five years.
The program is capped at $5 million annually and automatically repeals in 2030 unless the Legislature reauthorizes it. Credits cannot be sold or transferred to other entities.
AIAllows a 100% tax credit for employer contributions to employees for home purchase costs, capped at $5,000 per employee and $500,000 per taxpayer per year.
AIRestricts credit eligibility to full-time, moderate-income employees who have not owned a homestead property in the three years prior to the purchase.
AILimits the total state tax credits approved for the Homebuyer Workforce Tax Credit to $5 million per state fiscal year for 2026-2029.
AIForbids eligible taxpayers from conveying, transferring, or assigning approved tax credits or carryforward credits to other entities.
AIRepeals the Homebuyer Workforce Tax Credit on January 1, 2030, unless the Legislature reenacts it, though existing carryover credits remain valid.