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 Florida, creating a joint interstate commission to facilitate this effort. The compact includes provisions for the governance of the commission, which will consist of representatives from each state, including the Governors 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 state may contribute funds for the commission's establishment and operation, although there is no obligation for any state to appropriate a specific amount. 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.