FL H0837

Creates the "Florida Rural Jobs Act" (s. 288.062, F.S.), establishing a program where the Department of Commerce certifies "rural funds" that invest in eligible businesses with fewer than 250 employees and principal operations in Florida, with applications accepted beginning November 1, 2025, and no new applications accepted after December 1, 2034

Grants investors who make cash contributions to certified rural funds a nonrefundable, non-transferable tax credit against state tax liability (corporate income tax or insurance premium tax) equal to the investor contribution, usable at 7.14% per year over 7 years with a carry-forward option of up to 10 years

Caps total investment authority at an amount generating no more than $7.143 million in tax credits in any single year; applicants must be licensed as a rural business investment company or small business investment company and must have invested at least $100 million in nonpublic companies in U.S. counties with populations under 75,000

Requires rural funds to invest 60% of investment authority in eligible investments within 2 years and 100% within 3 years of the credit allowance date, maintaining that level through the sixth anniversary; failure to meet these benchmarks triggers revocation of tax credit certificates

Requires rural funds to submit reports to the Department of Commerce documenting eligible investments, jobs created and retained, average salaries, and bank statements, with rural funds eligible to exit the program on or after the seventh anniversary of the credit allowance date