The bill amends section 205.194 of the Florida Statutes to require individuals applying for or renewing a local business tax receipt to present an active license or authorization from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury if they are engaged in businesses that conduct transactions subject to OFAC's sanction programs. This new requirement aims to ensure compliance with federal regulations regarding financial transactions and foreign assets.

Additionally, the bill specifies that applicants renewing their local business tax receipts online can fulfill this requirement through electronic certification. The current subsection (2) is redesignated as subsection (3), and the new provisions are inserted as subsection (2). The act is set to take effect on October 1, 2026.