The proposed Florida Rural Jobs Act aims to stimulate investment in rural communities by providing tax credits to certified rural funds. It establishes a new section in the Florida Statutes, s. 288.062, which outlines the application process for certification, requiring applicants to submit detailed information, including evidence of prior investments and a revenue impact assessment. The Department of Commerce is limited to approving a maximum of $7.143 million in tax credits annually and must deny applications that are incomplete or fail to show a positive revenue impact. Certified rural funds are responsible for collecting investor contributions and issuing tax credit certificates, which investors can claim against their state tax liability over seven years.

The bill also introduces amendments to existing regulations, mandating that rural funds invest 100 percent of their investment authority in eligible investments within two years, with at least 70 percent of these investments directed towards rural areas. It outlines conditions for maintaining investment levels and allows for the reinvestment of capital returned from original investments. Additionally, the bill establishes a process for rural funds to exit the program after seven years, provided they have not had any tax credit certificates revoked, and requires them to submit detailed reports on their investments and job creation efforts. The act will take effect on July 1, 2025, and prohibits new applications after December 1, 2034.