No. SB 472
Filed under Insurance.
Trust Funds/Tariffs Result in Untimely Money Problems (TRUMP); Creating the Tariffs Result in Untimely Money Problems (TRUMP) Trust Fund; providing for funding of the trust fund; providing for future review and termination of the trust fund, etc.
Plain English Summary
AI-GENERATEDThe Department of Financial Services gets a new trust fund to help homeowners cover repair and rebuilding costs driven up by federal tariffs on construction materials.
The fund starts with a single $500 million transfer from Florida's unallocated general revenue; the bill does not name any ongoing revenue source to replenish it.
By law, the fund must sunset on July 1, 2030 unless lawmakers end it sooner, and it must go through a formal legislative review before that deadline arrives.
AIEstablishes a new trust fund inside the Department of Financial Services whose sole stated purpose is giving homeowners financial assistance to offset repair and rebuilding costs that increased because of tariffs on construction materials.
AIThe fund is capitalized with a single $500 million transfer from the state's unallocated general revenue rather than a recurring fee, assessment, or tax tied to the program.
AIThe trust fund automatically ends on July 1, 2030 unless the Legislature terminates it earlier or renews it, and state law requires a review of the fund before that deadline.