The bill amends section 1002.33 of the Florida Statutes to authorize state universities and Florida College System institutions to sponsor job engine charter schools. It allows municipalities to apply for conversion of existing public schools into charter schools aimed at attracting job-producing entities. The application process requires support from at least 50% of parents whose children are enrolled at the school, and if an application is denied, the sponsoring entity must provide written notice detailing the reasons for denial.

Additionally, the bill introduces a requirement that all taxes levied by the school district within the attendance zone of a conversion job engine charter school, sponsored by a Florida College System institution or state university, be provided to the sponsor annually. The term "attendance zone" is defined as the zone of the public school at the time of its conversion to a job engine charter school. This act is set to take effect upon becoming law.