The bill establishes a new section, 351.41, in the Florida Statutes, which authorizes the Governor to execute a rapid rail transit compact with the states of Alabama, Louisiana, and Mississippi. This compact aims to study the feasibility of rapid rail transit service between these states and to create a joint interstate commission to facilitate this effort. The compact includes provisions for the governance structure of the commission, which will consist of representatives from each state, including the Governor and appointed citizens. The commission will have the authority to conduct studies, hold hearings, and acquire funding to support its functions.

Additionally, the compact stipulates that each party state may contribute funds for the commission's establishment and operation, although there is no obligation for any state to make a specific appropriation. The compact will remain in effect until a state decides to withdraw, with a six-month notice period required for such action. The bill is set to take effect on July 1, 2025, and aims to enhance passenger rail service in Florida, promoting economic development, improving transportation options, and increasing regional connectivity.