The bill amends section 373.4136 of the Florida Statutes to establish a revised credit release schedule for mitigation banks, effective July 1, 2025. It outlines specific percentages for the release of mitigation credits based on the recordation of conservation easements, completion of construction activities, and the achievement of performance criteria. Additionally, it allows applicants to propose alternative credit release schedules and requires the Department of Environmental Protection or water management districts to modify existing schedules upon request under certain conditions. The bill also prohibits the release of mitigation credits for freshwater wetland creation until specific success criteria are met.

Moreover, the bill introduces new requirements for mitigation banks, mandating annual accounting of available credits starting July 1, 2026, while ensuring that the identities of parties reserving credits and contract prices remain confidential. It also requires the department or water management districts to compile this information and report to legislative leaders annually. The bill removes previous provisions that permitted certain projects to utilize mitigation banks regardless of their location within the designated service area, specifically deleting eligibility for projects with partial adverse impacts within the service area, linear projects, and those with total adverse impacts of less than one acre.