The bill amends section 373.4136 of the Florida Statutes to revise the credit release schedule for mitigation banks, establishing specific criteria that must be met before the release of credits for freshwater wetland creation. It introduces a structured credit release schedule that includes percentages of credits to be released at various stages of the mitigation process, such as upon the recording of conservation easements and completion of construction activities. The bill also prohibits the release of credits until certain success criteria are met, ensuring that mitigation efforts are effective before credits can be utilized. Additionally, it outlines the establishment of mitigation service areas and conditions for using credits outside these areas, allowing project applicants to utilize credits from mitigation banks outside their designated service areas if there are insufficient credits available, contingent upon specific verification and accounting processes.

Moreover, the bill requires a memorandum of agreement between governmental entities and the Department of Environmental Protection or water management districts for environmental projects that provide mitigation for five or more permit applicants or for 35 or more acres of adverse impacts. This memorandum must detail project specifics, timelines, success criteria, monitoring requirements, and financial accounting. The bill also emphasizes the Legislature's intent to permit limited use of local government land for private sector mitigation banks in credit-deficient basins, mandating that such agreements include long-term stewardship responsibilities and financial assurances. The Department of Environmental Protection is tasked with adopting rules for financial assurances for long-term management of mitigation projects by June 30, 2023, and the act is set to take effect on July 1, 2025.