The bill establishes a new section in Florida law, specifically section 212.0607, which pertains to a heavy equipment rental recovery fee. It defines key terms related to heavy equipment and rental dealers, including what constitutes "heavy equipment," "heavy equipment rental dealer," and "short-term rental." The bill authorizes heavy equipment rental dealers to charge a separately itemized recovery fee of 2 percent of the sales price of rented equipment, which they must retain 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, and local municipalities or 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.