WEST PALM BEACH, FLORIDA – NOVEMBER 3: People voting at a polling station on November 3, 2026 in West Palm Beach, Florida. Americans go to the polls in consequential midterm elections, where control of the House and the Senate is at stake for the remainder of President Donald Trump’s second term in office. (Photo by Saul Martinez/Getty Images)

Florida voters have rejected at least one proposed constitutional amendment on the ballot, and are likely to reject another, keeping the state’s Budget Stabilization Fund limit unchanged and preserving the existing tangible personal property tax on agricultural equipment.

Amendment 1

Florida voters Tuesday night failed to pass a measure that would expand the state’s rainy day fund, which won 59.3% of the vote — just shy of the 60% threshold needed to pass.

Amendment 1 proposed increasing the maximum amount Florida can hold in its Budget Stabilization Fund, a reserve used to cover emergencies and revenue shortfalls that currently holds approximately $5 billion.

The fund has an existing constitutional limit of 10% of the previous fiscal year’s net general revenue collections. The amendment would have raised that limit to 25% and required lawmakers to transfer up to $750 million into the fund annually until it reaches the new cap. 

The proposal also included exceptions allowing the Legislature to suspend those transfers under certain circumstances and, once the fund reaches a specified balance, withdraw money for critical state needs with a two-thirds vote in both chambers.

The Republican Party of Florida supported the amendment, arguing that larger reserves would better prepare the state for emergencies and economic downturns. 

But Gov. Ron DeSantis and Republican gubernatorial candidate Byron Donalds opposed it, raising concerns that requiring annual deposits would limit lawmakers’ flexibility to spend money on other needs.

Amendment 2

Florida voters are on track to reject Amendment 2, designed to exempt certain agricultural equipment and other tangible personal property from local property taxes. By Tuesday night the measure had won just 58% of the vote, with 99% of the vote in.

Tangible personal property taxes are annual taxes on business assets such as machinery, equipment and furniture. 

Supporters of Amendment 2 argued that farmers should not have to pay annual property taxes on equipment they had already paid sales tax to purchase. It was estimated the exemption could save the agricultural industry about $30 million annually.

Opponents raised concerns about the fact that the money saved for agricultural businesses would also revenue local governments would lose, particularly in rural counties where agricultural businesses account for a larger share of the tax base.

Zoe Millán is a journalist and graduate of the M.S. at Columbia School of Journalism. Originally from Colombia, where she studied political science, she is interested in reporting in-depth stories that uncover the systems of power shaping everyday life.

You can reach Zoe at zoe.millan@floridatrib.org