The bill amends section 288.06551 of the Florida Statutes, which pertains to the Florida Rural Investments Act. It introduces a requirement for rural funds seeking to have an equity investment certified as a capital investment eligible for tax credits to 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 makes a deletion regarding the requirement for evidence of prior investments, removing the conjunction "and" before the new fee requirement. The effective date of this act is contingent upon the passage of SB 1322 or similar legislation within the same legislative session.