The bill amends section 288.06551 of the Florida Statutes, which pertains to the Florida Rural Investments Act. It requires that rural funds seeking certification of an equity investment as a capital investment eligible for tax credits must include a nonrefundable application fee of $5,000 payable to the Department of Commerce. Additionally, the bill specifies that the application must include evidence of prior investments and a business plan that projects the economic impact of the proposed investments.

The bill also clarifies the requirements for the application process, including the maximum investment amount and the necessary documentation to demonstrate the applicant's qualifications. The effective date of this act is contingent upon the passage of SB 1322 or similar legislation within the same legislative session.