The bill establishes a new section, 351.41, in the Florida Statutes, which authorizes the Governor to execute a rapid rail transit compact with the states of Alabama, Louisiana, and Mississippi, thereby joining the Southern Rail Commission (SRC). The compact aims to study the feasibility of rapid rail transit service between these states and create a joint interstate commission to facilitate this effort. The compact includes provisions for the governance structure of the commission, which will consist of representatives from each state, including governors and appointed citizens, and outlines the commission's powers, responsibilities, and operational guidelines.

The bill emphasizes the potential benefits of passenger rail service, including economic development, improved connectivity, and enhanced emergency response capabilities. It also allows for the possibility of other contiguous states joining the compact, subject to legislative approval. The compact will take effect once ratified by the involved states and approved by Congress, with the bill set to become effective on July 1, 2026.