Florida Senate - 2025                                    SB 1466
       
       
        
       By Senator DiCeglie
       
       
       
       
       
       18-01080A-25                                          20251466__
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 215.55861,
    3         F.S.; creating the My Safe Florida Home Trust Fund
    4         within the Department of Financial Services;
    5         specifying sources of funds and the purpose of the
    6         trust fund; requiring that a certain percentage of
    7         specified sales tax be distributed into the fund;
    8         requiring the Department of Revenue to distribute
    9         certain funds within a specified timeframe; specifying
   10         that any balance shall remain in the trust fund under
   11         certain circumstances; prohibiting the balance in the
   12         trust fund from exceeding a certain amount; requiring
   13         that any excess funds be transferred to the General
   14         Revenue Fund; requiring the department to ensure
   15         compliance with certain provisions and provide a
   16         specified report to the Legislature at a specified
   17         time annually; providing for future review and
   18         termination or re-creation of the trust fund;
   19         providing an effective date.
   20          
   21  Be It Enacted by the Legislature of the State of Florida:
   22  
   23         Section 1. Section 215.55861, Florida Statutes, is created
   24  to read:
   25         215.55861 My Safe Florida Home Trust Fund.—
   26         (1) The My Safe Florida Home Trust Fund is created within
   27  the Department of Financial Services. The trust fund shall
   28  consist of funds collected pursuant to subsection (2), to be
   29  used exclusively for the purposes of the My Safe Florida Home
   30  Program.
   31         (2) Following a declaration of a state of emergency by the
   32  Governor, an amount equal to 5 percent of the state sales tax
   33  remitted to the Department of Revenue pursuant to 212.15(4) in
   34  the 2 months following the month of landfall of a hurricane from
   35  dealers within the counties named in the declaration shall be
   36  distributed to the My Safe Florida Home Trust Fund. The
   37  department shall distribute the funds to the My Safe Florida
   38  Home Trust Fund no later than the end of the third month after
   39  the month landfall took place.
   40         (3) Notwithstanding s. 216.301 and pursuant to s. 216.351,
   41  any balance in the trust fund at the end of any fiscal year
   42  shall remain in the trust fund at the end of the year and shall
   43  be available for carrying out the purpose of the trust fund.
   44         (4) The balance in the trust may not exceed $300 million at
   45  any time. Any funds in excess of this amount shall be
   46  transferred to the General Revenue Fund.
   47         (5) The Department of Financial Services shall ensure
   48  compliance with this section and provide an annual report on
   49  fund balances and any transfers made pursuant to this section.
   50  The report must be delivered to the President of the Senate and
   51  the Speaker of the House of Representatives by February 1 of
   52  each year.
   53         (6) In accordance with s. 19(f)(2), Art. III of the State
   54  Constitution, the trust fund shall, unless terminated sooner, be
   55  terminated on July 1, 2029. Before its scheduled termination,
   56  the trust fund shall be reviewed as provided in s. 215.3206(1)
   57  and (2).
   58         Section 2. This act shall take effect July 1, 2025.