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 related to heavy equipment and rental dealers, including what constitutes heavy equipment and the criteria for being considered principally engaged in heavy equipment rental. The recovery fee collected by the dealers is intended to cover tangible personal property taxes imposed on the heavy equipment.

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