The proposed Florida Rural Jobs Act aims to stimulate investment in rural communities through a structured tax credit program managed by the Department of Commerce. The department will accept applications for certification as rural funds, requiring detailed information such as the total investment authority sought and evidence of prior rural investments. Applications must be approved or denied within 30 days, with a cap of $7.143 million in tax credits available per year. The bill also outlines criteria for application denial and a process for addressing deficiencies. Certified rural funds will be responsible for collecting investor contributions and issuing tax credit certificates, which taxpayers can claim against their state tax liability over seven years.

Additionally, the bill introduces amendments to existing regulations, mandating that rural funds invest 100 percent of their authority in eligible investments within two years, with at least 70 percent directed towards rural areas. It establishes conditions for maintaining investment status, including reinvestment requirements and the option to request waivers. Rural funds must submit annual reports detailing their investments and job creation statistics, and the department is required to respond to eligibility requests within a specified timeframe. The bill sets a deadline for new applications, ceasing after December 1, 2034, and establishes an effective date of July 1, 2025, for the new regulations.