THE BILL ITSELF

SB 472

Trust Funds/Tariffs Result in Untimely Money Problems (TRUMP)

VERSION S 472 Filed · BACK TO THE SUMMARY · OFFICIAL RECORD

underlined language is being added; struck language is being deleted. Line numbers are the Legislature's own — the same ones amendments cite.

Florida Senate - 2026 SB 472 By Senator Jones 34-00362-26 2026472__

1 A bill to be entitled

2 An act relating to trust funds; creating s. 624.3154,

3 F.S.; providing legislative findings; creating the

4 Tariffs Result in Untimely Money Problems (TRUMP)

5 Trust Fund; providing for funding of the trust fund;

6 providing for future review and termination of the

7 trust fund; providing an effective date.

9 WHEREAS, on February 1, 2025, President Donald J. Trump

10 issued Executive Order 14193 and Executive Order 14194, imposing

11 steep tariffs on most goods imported from Canada and Mexico, and

12 WHEREAS, on April 2, 2025, President Donald J. Trump issued

13 Executive Order 14257, imposing a minimum global tariff of 10

14 percent, with higher tariffs on specific countries, and

15 WHEREAS, the tariffs imposed have steeply increased the

16 costs of building materials, including, but not limited to,

17 steel, aluminum, copper, timber, and lumber, and

18 WHEREAS, the National Association of Home Builders

19 estimates that approximately 7 percent of all goods used in new

20 residential construction originate from outside of the United

21 States, and

22 WHEREAS, the National Association of Home Builders has

23 found that a majority of builders reported price increases due

24 to tariffs, resulting in an estimated cost increase of $10,900

25 per home, and

26 WHEREAS, tariffs increase construction costs by raising

27 prices for imported building materials, forcing contractors to

28 seek alternative sources, adjust contracts, and delay or cancel

29 projects, and

30 WHEREAS, rising construction costs have increased the

31 expense of repairing or rebuilding homes after a covered loss,

32 which has contributed to higher homeowners’ insurance premiums,

33 including an estimated $464 annual increase per household in

34 Florida, NOW, THEREFORE,

36 Be It Enacted by the Legislature of the State of Florida:

38 Section 1. Section 624.3154, Florida Statutes, is created

39 to read:

40 624.3154 Tariffs Result in Untimely Money Problems (TRUMP)

41 Trust Fund.—

42 (1) The Legislature finds it necessary to respond to the

43 economic impact of federal policies that have resulted in record

44 increases in the cost of construction materials.

45 (2) There is created within the Department of Financial

46 Services the Tariffs Result in Untimely Money Problems (TRUMP)

47 Trust Fund, which shall provide financial assistance to

48 homeowners to offset increased repair and rebuilding costs

49 resulting from tariffs.

50 (3) The trust fund shall consist of $500 million drawn from

51 unallocated general revenue.

52 (4) In accordance with s. 19(f)(2), Art. III of the State

53 Constitution, the trust fund shall, unless terminated sooner, be

54 terminated on July 1, 2030. Before its scheduled termination,

55 the trust fund shall be reviewed as provided in s. 215.3206(1).

56 Section 2. This act shall take effect July 1, 2026.