The bill proposes the creation of Section 331.3261 in the Florida Statutes, which establishes an exemption from public records and meetings requirements specifically for Space Florida. This exemption applies to any trade secrets held by Space Florida, spaceport users, or space industry businesses, as defined in existing law. The bill stipulates that if Space Florida determines that a public information request would reveal a trade secret, they must inform the requester in writing, and such a determination is considered a final order. Additionally, any meetings of Space Florida's board of directors where confidential trade secrets are discussed will also be exempt from public meeting laws, and any records generated during these meetings will be confidential.

The legislation includes a statement of public necessity, emphasizing the importance of protecting trade secrets to maintain a competitive advantage for the aerospace industry in Florida. It argues that the potential harm from disclosing these trade secrets outweighs any public benefit from their disclosure, as it could negatively impact economic growth and job creation in the state. The bill is subject to the Open Government Sunset Review Act, meaning it will be reviewed for potential repeal by October 2, 2031, unless the Legislature reenacts it. The act will take effect contingent upon the passage of related legislation.