The bill mandates the Office of Economic and Demographic Research to conduct a comprehensive study aimed at establishing a framework for the elimination of property taxes as outlined in chapters 192 through 196 of the Florida Statutes. The study will explore various aspects, including the potential impacts on public services such as education and emergency services, fluctuations in the housing market, the attractiveness of Florida to businesses in comparison to other states, and the overall economic stability and growth resulting from a shift to consumption-based taxes.

The findings of this study are required to be compiled into a report and submitted to the President of the Senate and the Speaker of the House of Representatives by October 1, 2025. The act is set to take effect on July 1, 2025.