The "Florida Rural Jobs Act" establishes a tax credit framework to promote investment in rural communities by mandating the Department of Commerce to accept applications for certification as rural funds. Applicants must demonstrate prior investments and provide a business plan that outlines projected job creation and revenue impacts. The department has 30 days to approve or deny applications, with a cap of $7.143 million in tax credits available annually. If an application is initially denied, applicants are allowed to correct deficiencies within a specified timeframe. The bill also details the process for rural funds to collect investor contributions and stipulates that tax credits are nonrefundable, non-transferable, and limited to the taxpayer's state tax liability.

Additionally, House Bill 837 amends existing regulations by allowing rural funds to avoid reinvesting capital after six years, provided they maintain their investment authority in eligible investments. It permits investments in businesses that may not meet eligibility criteria if deemed beneficial by the department and establishes a process for rural funds to seek written opinions on investment eligibility. The bill mandates regular reporting on investments and job creation, includes provisions for revoking tax credit certificates while allowing for rectification of violations, and specifies that revocations cannot occur after a rural fund exits the program. New applications will be accepted until December 1, 2034, with the act taking effect on July 1, 2025.