The bill amends Florida's laws on mitigation banks, specifically addressing the release and utilization of mitigation bank credits. It establishes a structured credit release schedule, requiring the release of 30% of awarded credits upon the recordation of a conservation easement and the establishment of financial assurances, with further releases contingent on construction activities and performance criteria. The bill also permits alternative credit release schedules proposed by permit applicants and mandates annual reporting of available credits to the Department of Environmental Protection or water management districts for legislative oversight.

Additionally, the bill introduces provisions for the release of conservation easements by certain water management districts, allowing landowners to apply for release under specific conditions, such as the size and surrounding development of the land. Upon release, the property will be assessed for ad valorem taxes based on its just value and may be developed according to adjacent zoning regulations. The bill is set to take effect on July 1, 2025, with new legal language applicable starting October 1, 2026, and each October 1 thereafter.