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 documentation from applicants, including evidence of prior investments and a business plan that outlines projected economic impacts. Applications must be approved or denied within 30 days, with a cap on tax credits set at $7.143 million annually. The bill also establishes criteria for application denial and a process for addressing deficiencies, while detailing the responsibilities of certified rural funds, including the collection of investor contributions and issuance of tax credit certificates.

Key amendments to existing regulations include a requirement for rural funds to invest 100 percent of their investment authority in eligible investments within two years of the credit allowance date, with at least 70 percent of these investments directed towards rural areas. The bill allows for flexibility in investment requirements, enabling the department to waive certain conditions if an investment significantly benefits rural areas. Additionally, rural funds must maintain their investment levels until the sixth anniversary of the credit allowance date, with provisions for reinvestment of capital from sold or repaid investments. The act mandates regular reporting on investments and job creation metrics, sets a deadline for new applications until December 1, 2034, and is scheduled to take effect on July 1, 2025.