The proposed Florida Rural Jobs Act aims to stimulate investment in rural communities by establishing a structured tax credit program overseen by the Department of Commerce. The department will evaluate applications from entities seeking certification as rural funds, requiring detailed information such as investment authority, prior investment evidence, and revenue impact assessments. Applications must be approved or denied within 30 days, with a cap of $7.143 million in tax credits available annually. The bill also outlines criteria for application denial and allows applicants to rectify deficiencies in their submissions. Certified rural funds are required to invest a significant portion of their authority in eligible businesses, defined as those with fewer than 250 employees operating in Florida.

The legislation introduces amendments to existing regulations, allowing rural funds to invest in businesses outside typical eligibility criteria if deemed appropriate by the department. It also provides a mechanism for rural funds to seek written opinions on investment eligibility, with a default approval if the department does not respond within 15 business days. Additionally, rural funds have 180 days to correct any violations related to tax credit certificates before revocation. The bill establishes a framework for rural funds to exit the program after seven years, contingent on compliance, and mandates detailed reporting on investments and job creation. New applications will not be accepted after December 1, 2034, with the act set to take effect on July 1, 2025.