The proposed bill aims to enhance business development incentives for veterans and military spouses in Florida. It introduces the term "veteran-owned or military spouse-owned business" and establishes contracting preferences for these businesses. The bill amends existing statutes to include provisions for waiving fees for new and relocating veteran or military spouse-owned businesses, as well as providing tax exemptions such as a five-year exemption from state corporate income tax and a one-time sales tax exemption on necessary equipment and supplies. The Department of Revenue is tasked with developing procedures for these exemptions, which will apply to businesses certified between July 1, 2025, and December 31, 2030.

Additionally, the bill creates the Veteran and Military Spouse Entrepreneurship Program, which will offer personalized mentorship, assistance with startup capital, and educational resources. It mandates expedited processing for certifications of veteran and military spouse-owned businesses and requires annual reporting on the impact of these initiatives, including metrics on job creation and tax revenue. The bill emphasizes interagency cooperation among the Department of Veterans' Affairs, the Department of Revenue, and the Department of State to ensure effective implementation.