The proposed bill establishes the "Florida Veterans and Military Spouses Business Development Act," aimed at supporting veteran-owned and military spouse-owned businesses through various incentives. It mandates the Department of State to waive fees for new businesses established by veterans or military spouses, as well as for existing businesses relocating to Florida. The bill outlines eligibility and registration requirements for these waivers, which will be applicable to businesses established between July 1, 2026, and June 30, 2031. Additionally, it provides tax exemptions, including a five-year exemption from corporate income and franchise taxes, contingent on the ownership structure and duration of the business.

Furthermore, the bill requires the Department of Revenue to create procedures for claiming these tax exemptions and emphasizes interagency cooperation for effective implementation. Annual reporting by the Department of Veterans Affairs will track the number of businesses established or relocated, along with economic impacts such as job creation and tax revenue. The act is set to take effect on July 1, 2026.