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FL S1322
Bill
Status
Failed
6/16/2025
Primary Sponsor
Commerce and Tourism
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AI Summary
- Creates the "Florida Rural Jobs Act" (s. 288.062, F.S.), establishing a program through the Department of Commerce to certify rural funds that make eligible investments in businesses with fewer than 250 employees located in rural communities
- Grants investors a tax credit equal to their investor contribution in a certified rural fund, usable at 7.14% per year over 7 years, with unused credits carried forward for up to 10 additional taxable years; credits may not be refunded or sold but may be transferred to affiliates
- Caps total investment authority so that no more than $7.143 million in tax credits may be taken in any single year, excluding carried-forward credits
- 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, with at least 70% directed to rural areas, and maintain those investment levels through the sixth anniversary
- Requires applications to be accepted by November 1, 2025, prohibits new applications after December 1, 2034, and mandates annual reporting on jobs created, jobs retained, and eligible investments made by each rural fund
Legislative Description
Tax Credits for Investment in Rural Communities
Last Action
Died in Finance and Tax
6/16/2025
Committee Referrals
Finance and Tax4/1/2025
Full Bill Text
No bill text available