The "Florida Rural Jobs Act" establishes a framework for providing tax credits to investors in rural communities by creating a new section in Florida Statutes (s. 288.062). The bill outlines the application process for certification as rural funds, detailing requirements such as prior investment evidence and revenue impact assessments. The Department of Commerce is responsible for approving or denying applications within a specified timeframe and is limited in the amount of investment authority it can approve. Additionally, the bill allows applicants to address deficiencies in denied applications and mandates the issuance of tax credit certificates to eligible investors upon approval.

Key provisions of the bill include the stipulation that rural funds are not required to reinvest capital after the sixth anniversary of the credit allowance date and must maintain 100% of their investment authority in eligible investments or cash equivalents before exiting the program. The bill also allows for investments in businesses that may not meet eligibility criteria if deemed beneficial by the department. Furthermore, rural funds are required to submit annual reports detailing their investments and job creation efforts, with a structured process for revoking tax credit certificates if necessary. The act is set to take effect on July 1, 2025, and establishes a deadline for new applications until December 1, 2034.