summary
Introduced
02/26/2025
02/26/2025
In Committee
03/06/2025
03/06/2025
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; defining terms; requiring the Department of Commerce to accept applications for approval as rural funds in a specified manner; requiring that certain information 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 conditions 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 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 taxpayers claiming a credit to 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 the department to waive certain requirements relating to an eligible business or rural area 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 the department to use 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 accepted after a date certain; providing an effective date.
AI Summary
This bill creates the Florida Rural Jobs Act, which establishes a tax credit program designed to incentivize investment in rural communities and businesses. The bill allows the Department of Commerce to certify "rural funds" - investment entities that commit to investing in eligible businesses located in rural areas with populations of 75,000 or less. These rural funds can apply for investment authority, and their investors can receive state tax credits equal to their investment, spread out over seven years. To qualify, rural funds must invest at least 60% of their investment authority in eligible businesses within two years and 100% within three years, with at least 70% of investments made in rural areas. Eligible businesses must have fewer than 250 employees and operate primarily in Florida. The program includes strict reporting requirements, with rural funds required to submit detailed annual reports about their investments, job creation, and retained jobs. Investors can claim tax credits against state tax liability, but cannot sell these credits on the open market. The program is set to run until December 1, 2034, with a maximum of $7.143 million in tax credits allowed per year. The bill aims to stimulate economic growth in rural Florida communities by providing financial incentives for businesses and investors to focus on these areas.
Committee Categories
Budget and Finance
Sponsors (2)
Other Sponsors (1)
Commerce and Tourism (Senate)
Last Action
Died in Finance and Tax (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/2025/1322 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/1322/BillText/c1/HTML |
| Analysis - Commerce and Tourism (Post-Meeting) | https://www.flsenate.gov/Session/Bill/2025/1322/Analyses/2025s01322.cm.PDF |
| https://www.flsenate.gov/Session/Bill/2025/1322/Amendment/840450/HTML | |
| Analysis - Commerce and Tourism (Pre-Meeting) | https://www.flsenate.gov/Session/Bill/2025/1322/Analyses/2025s01322.pre.cm.PDF |
| BillText | https://www.flsenate.gov/Session/Bill/2025/1322/BillText/Filed/HTML |
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