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 of rented heavy equipment. The dealers are required to retain the full amount of this fee to cover tangible personal property taxes imposed on the equipment. The bill also defines key terms related to heavy equipment and rental dealers, including what constitutes "heavy equipment," "heavy equipment rental dealer," and "short-term rental."

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 specifies that the recovery fee cannot be included in any taxable sales price. The act is set to take effect on July 1, 2025.