Trust Funds/My Safe Florida Home Trust Fund/Department of Financial Services:
HB 851 creates the My Safe Florida Home Trust Fund within the Department of Financial Services and dedicates it exclusively to the My Safe Florida Home Program. The bill directs that, after a gubernatorial declaration of a state of emergency, 5 percent of state sales tax remitted from dealers in counties named in the emergency declaration during the two months following a hurricane’s landfall be deposited into the trust fund. The Department of Revenue must transfer those funds by the end of the third month after landfall.
The bill also provides that year-end balances remain in the trust fund for future use, but caps the fund at $300 million. Any amount above that cap must be transferred to the General Revenue Fund. The Department of Financial Services is assigned oversight responsibilities, including ensuring compliance and submitting an annual report to legislative leaders by February 1 detailing fund balances and any transfers. The trust fund is scheduled to terminate on July 1, 2029, unless ended earlier, and must be reviewed before that date under the state’s trust fund review process.
HB 851 would amend Florida law by creating a new statutory trust fund and establishing a dedicated revenue stream tied to post-hurricane sales tax collections in affected counties. It would alter the normal flow of sales tax revenue by diverting a specified portion into a program-specific fund, while also setting a cap and requiring excess funds to revert to general revenue. The bill would primarily affect the Department of Financial Services, the Department of Revenue, local businesses in hurricane-impacted counties, and the administration of the My Safe Florida Home Program.
The available record shows limited public debate or recorded votes, so sentiment must be inferred from the bill’s structure and legislative outcome. The proposal appears supportive of hurricane mitigation and home-hardening efforts by creating a dedicated funding source for the My Safe Florida Home Program. However, the bill died in the Natural Resources & Disasters Subcommittee, suggesting it did not advance far enough to build sufficient legislative support or that concerns about the funding mechanism, fiscal impact, or program design prevented movement.
The main points of contention likely centered on the bill’s financing method and the diversion of sales tax revenue after a hurricane. Potential concerns include whether it is appropriate to earmark 5 percent of sales tax from affected counties, whether the cap and transfer rules are fiscally sound, and whether the trust fund should be created as a recurring revenue source rather than through annual appropriations. Another possible issue is the geographic and timing scope of the revenue trigger, since the diversion applies only in counties named in a state of emergency after hurricane landfall, which may raise administrative and equity questions.