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FL S1720
Bill
AI Summary
- Exempts moneys paid into or out of, assets of, and income of homeowner savings plans from attachment, levy, garnishment, or other legal process in Florida in favor of any creditor or claimant
- Defines "homeowner savings plan" as a plan used by a Florida homestead property owner to reduce taxable income based on property value, with savings directed back into the plan for homeownership-related expenses
- The homeowner savings plan exemption takes effect only if the federal government provides tax-exempt or tax-deferred status to such plans, creating a contingent provision
- Exempts moneys, assets, and income of qualified home disaster mitigation and recovery expenses accounts established under the Internal Revenue Code from attachment, levy, garnishment, or legal process in Florida
- Amends Section 222.22, Florida Statutes, adding these two new asset categories to existing exemptions for qualified tuition programs, medical savings accounts, Coverdell education savings accounts, and hurricane savings accounts, with an effective date of July 1, 2025
Legislative Description
Exemption of Assets
Last Action
Died in Judiciary
6/16/2025
Full Bill Text
No bill text available