Sen. Rick Scott Fights to Make Homeownership More Affordable for Floridians

March 17, 2026

CommunityGeneral News ArticlePress Release

Sen. Rick Scott Fights to Make Homeownership More Affordable for Floridians

Senator Rick Scott introduced the American Dream Accounts Act, a new legislative proposal designed to make the dream of homeownership a reality for millions of hardworking Americans.

The bill, which is supported by the Foundation for Government Accountability, would create a tax-advantaged savings account that every American can use to set aside funds specifically for a down payment on their first home, helping grow their money faster and keep more of what they earn. By reducing the tax burden and encouraging long-term financial planning, the American Dream Accounts Act seeks to empower more citizens with the opportunity to achieve stability, independence, and the pride of homeownership – a key pillar of the American Dream.

Senator Rick Scott said, “I grew up in public housing and watched my family struggle to make ends meet. For us, owning a home was out of reach because we couldn't afford it. Today, so many Americans are facing that same struggle, especially young first-time buyers who view homeownership as a critical milestone to help them achieve their American Dream. Unfortunately, years of inflation-driving, economy-crushing Democrat-led policies aren’t helping make it any easier. That’s wrong, and it’s why I am fighting every day to deliver real solutions that make housing more affordable for everyday Americans and make the dream of homeownership a reality. Homeownership means stability and economic mobility. This bill will help first-time buyers save faster, and their money go farther to ease the financial barrier to homeownership for families.”

This bill will:

Allow first-time prospective home-buyers to contribute up to $7,500 a year ($10,000 if 35+ years old) to a Roth-IRA-style, untaxed savings account to be put toward their home purchase
Cap lifetime contributions at $250,000
Require that if a house is sold within 3-years of its American Dream Account-backed purchase, the withdrawn amount will become taxed (barring qualifying exceptions like military service or other life events), ensuring homes and tax-protected dollars are used for establishing primary residences, not quick flips
Allow any unused money, up to $100,000, to be rolled over to a Roth-IRA or to a family member’s American Dream Account
Require any money withdrawn for an unqualified purpose (ie not for a first-time home purchase) to be taxed and have an additional 10% tax applied

Read more HERE.
—

TALLAHASSEE 111 N. Adams Street, Suite 208 Tallahassee, FL 32301 Phone: (850) 942-8415	WEST PALM BEACH 415 Clematis Street, Suite 201 West Palm Beach, FL 33401 Phone: (561) 514-0189	TAMPA 801 North Florida Avenue, Suite 421 Tampa, FL 33602 Phone: (813) 225-7040
KISSIMMEE 1 Courthouse Square, Suite 300 Kissimmee, FL 34741 Phone: (407) 586-7879	PENSACOLA 221 Palafox Place, Suite 420 Pensacola, FL 32502 Phone: (850) 760-5151	MIAMI 901 Ponce de Leon Blvd., Suite 505 Miami, FL 33134 Phone: (786) 501-7141
NAPLES 3299 Tamiami Trail East, #106 Naples, FL 34112 Phone: (239) 231-7890	JACKSONVILLE 400 West Bay Street, Suite 289 Jacksonville, FL 32202 Phone: (904) 479-7227	ORLANDO 225 East Robinson Street, Suite 410 Orlando, FL 32801 Phone: (407) 872-7161
	WASHINGTON, D.C. 110 Hart Senate Office Building Washington, D.C. 20510 Phone: (202) 224-5274
	Fax: (202) 228-4535

March 17, 2026