The Kansas Rural Business Growth Program Act establishes a premium tax credit program designed to encourage capital investment in rural areas of Kansas. It defines essential terms such as "capital investment," "eligible business," and "rural fund," and outlines the criteria for businesses to qualify for these investments. The act mandates that capital investments must be made by rural investors in certified rural funds, which are overseen by the Kansas Department of Commerce. It also details the application process for rural funds seeking certification, requiring a business plan, evidence of prior investments, and a nonrefundable application fee. Furthermore, rural investors can claim tax credits against their state tax liability based on their investments, with provisions for recapturing credits if investment requirements are not met.

The bill introduces a provision allowing rural funds to apply for an exit from the program after six years from the credit allowance date, with the department required to respond to these applications within 15 days. To qualify for exit, rural funds must demonstrate that no credits have been recaptured and that they have not received an uncured notice of recapture. The department is instructed to not unreasonably deny exit applications and must provide reasons for any denial. Additionally, the bill specifies that it will take effect immediately upon publication in the statute book, ensuring prompt implementation of the new exit process regulations for rural funds.