Float is an opening on the valve spool. Either it is there or not. Nothing really to break. The valve should have a detented position with the handle all the way up. If you have this position on the valve, either it is the wrong spool in the valve and it never worked, or it should be working. Check your hydraulic quick disconnects and make sure that they are fully seated. If not, it is possible that you have a port blocked which could look like it won't float.
An order way to check it, is to put the control on float mode and raise the attachment with a lifting devise, it should move, if not you are not plug on the right ports or the control do not works properly like techman said.
I have had trouble the last two years with mine. turned out to be a combo of water and a rusted spring. Mine will freeze and not work till the valve warms up from use. I have grease in there now and hoping that help with the water.
I seem to remember that I had a similar problem with mine when I first got it. The solution in my case was to give the lever a rather substantial sharp upward push to get it into the float position; gently didn't seem to work. After a few times, it smoothed out so that it's now just a gentle nudge. If the float position on yours has never worked, you might try giving it a good smack and see what happens.
If you follow the linkage and see which valve is being used you will find a cap over the end. To remove them they are either held on by a screw or bolt and be careful when lowering because there is a spring and three balls in there if out of place will come out.
Clean of rust and moisture and reassemble with the balls in the right place and with packing the cap with grease, this will make it so you won't have to go there again.