summary
Introduced
02/20/2025
02/20/2025
In Committee
03/02/2025
03/02/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to tax credits for investment in rural communities; creating s. 288.062, F.S.; providing a short title; providing definitions; requiring the Department of Commerce to accept applications for approval as rural funds in a specified manner; requiring certain information to be submitted in an application; requiring the department to approve or deny applications within a specified timeframe; prohibiting the department from approving more than a certain amount of investment authority; requiring the department to deny applications under certain circumstances; authorizing an applicant whose application was denied to provide additional information within a certain timeframe to cure defects in the application; requiring the department to review and reconsider such applications within a certain timeframe; prohibiting the department from reducing the investment authority of an application or denying an application unless certain circumstances are met; requiring the department to certify approved applications; providing requirements for certified rural funds; requiring the department to provide a tax credit certificate to certain taxpayers; requiring the department to revoke a rural fund's certification hb837-00 under specified conditions; requiring the department to distribute revoked investment authority among certain rural funds; authorizing rural funds to allocate associated investor contribution authority to certain taxpayers; granting a credit against state tax liability for specified investors; providing restrictions on the credit; requiring that taxpayers claiming a credit submit a copy of the tax credit certificate with their tax return; requiring the department to revoke a tax credit certificate under certain circumstances; authorizing rural funds to request certain determinations from the department; specifying a timeframe within which rural funds may correct violations to avoid revocation of a tax credit certificate; authorizing the department to distribute reverted investment authority among certain rural funds; authorizing rural funds to submit an exit application; providing a timeframe and procedures for use by the department in handling exit applications; prohibiting the department from revoking a rural fund's tax credit certificate after it exits the program; requiring rural funds to submit an annual report to the department beginning on a date certain; requiring that the annual report include certain information; prohibiting applications from being hb837-00 accepted after a date certain; providing an effective date.
AI Summary
This bill establishes the Florida Rural Jobs Act, creating a tax credit program to incentivize investments in rural communities and small businesses. The legislation allows the Department of Commerce to certify "rural funds" - investment entities that can raise capital from investors and receive tax credits for investing in eligible businesses in Florida. Eligible businesses must have fewer than 250 employees and operate primarily in the state. Investors can receive tax credits equal to their investment, which can be claimed over 7 years, with 7.14% of the credit applied each year. The program has several key restrictions: it caps total tax credits at $7.143 million per year, requires rural funds to invest at least 60% of their investment authority within 2 years and 100% within 3 years, and mandates that investments support job creation or retention in rural areas. The bill includes detailed application processes, reporting requirements, and provisions for how rural funds can maintain their certification, with the ability to exit the program after seven years. Importantly, the program will accept applications until December 1, 2034, and is set to take effect on July 1, 2025, providing a structured approach to encouraging economic development in Florida's rural communities.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Died in Housing, Agriculture & Tourism Subcommittee (on 06/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.flsenate.gov/Session/Bill/2025/837 |
BillText | https://www.flsenate.gov/Session/Bill/2025/837/BillText/Filed/PDF |
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