The bill proposes the establishment of the Florida Museum of History in the Town of Eatonville, which is recognized as the oldest Black incorporated municipality in the United States. It authorizes a partnership between the Department of State, the Orange County Commission, the Orange County public school system, and the University of Central Florida to design, construct, and manage the museum. The museum is required to have at least 100,000 square feet of exhibition space, a performing arts center, a banquet facility, and various other features to support its mission as a multipurpose cultural arts and history museum. An advisory board will be formed to provide expertise in history, curation, and museum design, and to make recommendations regarding the museum's operation, marketing, and educational materials.

Additionally, the bill outlines the funding structure for the museum's construction, which will be supported by a combination of local and state appropriations, with a maximum of $75 million in state funding matched by local government funds. The governing board is tasked with developing a marketing plan in collaboration with tourism organizations and ensuring that the museum becomes financially self-sufficient. An endowment will also be created to support the museum's collections and operations. The bill is set to take effect on July 1, 2025.