The bill seeks to reform business development and economic opportunities in Florida, with a particular emphasis on supporting rural and urban enterprises. It repeals existing laws related to minority participation, including the Florida Minority Business Loan Mobilization Program and the Black Business Loan Program, and redefines the role of the Department of Commerce and its Division of Economic Development to focus on broader support for all business types. The Office of Supplier Diversity is renamed the Office of Supplier Development, reflecting this shift. Additionally, the bill introduces the Rural Accelerator Program to assist grant applications from specific communities and revises definitions and criteria for economic development programs to promote opportunities for all Floridians.

Moreover, the bill establishes new initiatives aimed at enhancing economic development, such as the creation of a 5-year statewide strategic plan focused on business formation and job creation, particularly in rural areas. It amends tax exemptions for data center properties and updates the Hurricane Loss Mitigation Program. The bill also modifies procurement processes to enhance participation from certified rural or urban business enterprises, replacing the term "minority business enterprise" with "rural or urban business enterprise." It mandates that state agencies monitor compliance with procurement goals and establishes a Rural or Urban Business Certification Task Force to streamline the certification process. Overall, the legislation aims to create a more inclusive environment for small businesses across Florida while ensuring accountability and support for rural and urban initiatives.

Statutes affected:
S 1264 Filed: 24.113, 186.501, 186.502, 186.503, 186.504, 186.505, 186.506, 186.507, 186.508, 186.509, 186.511, 186.512, 186.513, 186.515, 288.706, 288.714, 212.08, 215.559, 253.025, 287.012, 287.0931, 287.09451, 287.0947, 288.001, 288.0065, 288.1167, 288.12266, 288.1229, 288.124, 288.7015, 288.702, 288.703, 288.705, 288.776, 290.0056, 290.0057, 331.302, 331.351, 445.004, 447.203, 17.11, 68.082, 120.52, 120.525, 120.65, 163.3177, 163.3178, 163.3245, 163.568, 164.1031, 186.003, 186.006, 186.008, 186.803, 255.101, 255.102, 258.501, 287.0943, 287.055, 288.7031, 290.004, 320.08058, 320.63, 335.188, 339.155, 339.175, 339.285, 341.041, 343.54, 369.303, 369.307, 373.309, 377.703, 378.411, 380.031, 380.045, 380.055, 380.061, 380.07, 380.23, 380.507, 381.986, 403.031, 403.0752, 403.503, 403.50663, 403.507, 403.5175, 403.518, 403.522, 403.5251, 403.526, 403.5272, 403.5365, 403.704, 403.7226, 403.723, 403.9403, 403.941, 403.9422, 403.973, 409.901, 420.609, 440.45, 501.171, 625.3255, 627.3511, 641.217, 657.042, 658.67, 947.02, 947.021, 1004.435, 1013.30