The "Florida Rural Jobs Act" establishes a tax credit framework to promote investment in rural communities, requiring the Department of Commerce to certify rural funds based on detailed applications that include prior investment evidence and economic impact projections. The department is limited to approving a maximum of $7.143 million in tax credits annually and must adhere to specific criteria for eligible businesses and investments. Investors in certified rural funds will receive nonrefundable tax credit certificates, valid against state tax liabilities for seven years, which cannot be transferred. The bill also includes provisions for annual reporting by rural funds and penalties for non-compliance, such as revocation of certifications and tax credits.

House Bill 837 further amends regulations for rural funds, eliminating the requirement for reinvestment of capital after six years and allowing funds to exit the program after seven years without revocation of tax credits. It introduces a process for rural funds to obtain written eligibility opinions from the department, with a default eligibility assumption if no response is received within 15 business days. The bill mandates regular reporting on investments and job creation, ensures that tax credit certificates cannot be revoked post-exit from the program, and sets a deadline for new applications by December 1, 2034. The act is scheduled to take effect on July 1, 2025.