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 commission's structure, membership, and operational guidelines, including the appointment of representatives from each state and the ability to conduct studies and hold hearings related to the proposed rail service.

Additionally, the bill emphasizes the potential benefits of passenger rail service, such as economic development, improved connectivity, and enhanced emergency evacuation capabilities. It allows for the possibility of other contiguous states joining the compact and stipulates that 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.