The proposed bill, titled the "Florida Veterans and Military Spouses Business Development Act," aims to provide business development incentives specifically for veterans and military spouses in Florida. It establishes a new section in the Florida Statutes, which includes legislative findings that recognize the economic contributions of veterans and military spouses, as well as the challenges they face. The bill outlines definitions for key terms, such as "military spouse" and "veteran-owned or military spouse-owned business," and sets forth eligibility criteria for businesses to qualify for various incentives.

Key provisions of the bill include the waiver of fees for new businesses established by veterans or military spouses and for existing businesses relocating to Florida. Additionally, it offers tax exemptions, including a five-year exemption from corporate income and franchise taxes, as well as a one-time sales tax exemption on equipment and supplies. The Department of State is tasked with implementing registration requirements for fee waivers, while the Department of Revenue will establish procedures for claiming tax exemptions. The bill also mandates annual reporting by the Department of Veterans' Affairs to track the impact of these incentives on job creation and economic metrics, with an effective date set for July 1, 2026.