The bill establishes a new section, 212.0607, in the Florida Statutes, which introduces a heavy equipment rental recovery fee. This fee allows heavy equipment rental dealers to charge a separately itemized recovery fee of 2 percent of the sales price for rented heavy equipment. The bill defines key terms such as "heavy equipment," "heavy equipment rental dealer," and "short-term rental," and specifies that the recovery fee must be retained by the dealer to cover tangible personal property taxes imposed on the equipment.

Additionally, the bill prohibits the recovery fee from being charged to certain entities, including the Federal Government, federally recognized Indian tribes, state agencies, municipalities, and counties. It also states that the recovery fee cannot be included in any taxable sales price. The act is set to take effect on July 1, 2025.