1. (1) Applicability of statutory definitions. The definitions in section 288.062, F.S., apply to this rule. For the purpose of administering section 288.062, F.S., and this rule, the following additional definitions apply:

   1. (a) “Average Salary” means the arithmetic mean of annualized cash wages for all Full-Time Employment Positions employed at any time during the Reporting Period, excluding employer-paid benefits and payroll taxes. For partial-year employment, cash wages are annualized based on wages paid during the period of employment.
   2. (b) “Capital Investment” means a commitment of financial resources, such as cash, equipment, buildings, or land, made to acquire, improve, or expand an eligible business.
   3. (c) “Completed Application” means an application on either Form COM-73-001, Application for Certification as a Rural Fund (effective date November 1, 2025), which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram or in the Department’s electronic system that contains all elements required by section 288.062(3), F.S., subsection (3) of this rule, and includes all attachments and supporting documentation required to be deemed complete.
   4. (d) “County Attribution” means the Florida county of the employee’s primary work location. For employees who work remotely, County Attribution is the physical address on file for payroll purposes.
   5. (e) “Days” means business days unless otherwise stated.
   6. (f) “Department” means the Florida Department of Commerce.

   7. (g) “Eligible Business” means a business that, at the time a rural fund initially invests in the business:

      1. Has fewer than 250 employees;

      2. Has its principal business operations located in this state;

      3. Has its principal business operations located in a rural community in this state, unless this requirement is waived by the department pursuant to section 288.062(8), F.S.; and

      4. Is not a foreign entity as defined in section 288.0071, F.S.

   8. (h) “Executive Officer” means the chairman of the board of directors, chief executive officer, chief financial officer, president, vice chairman, or executive vice president.
   9. (i) “Equity Investment” means the purchase of ownership interests in an eligible business.
   10. (j) “Full-Time Employment Position” means for purposes of reporting under this rule, a position requiring at least 35 hours of work per week for a 12-month period.
   11. (k) “Investor” means taxpayer as that term is defined in section 288.062(2)(m), F.S.
   12. (l) “Jobs” Created means new Full-Time Employment Positions established and filled by the eligible business during the Reporting Period which did not exist as of the first day of the Reporting Period. Transfers of existing positions between locations are not counted as jobs created unless the transfer results in a net increase in positions in this state.
   13. (m) “Primary Residence” means the dwelling where an employee regularly lives as their main home. It is the place the employee intends to return after work, and it is the address used for tax filings, driver’s license, voter registration, or other official records.
   14. (n) “Program” means the Rural Community Investment Program.
   15. (o) “Reporting Period” means, for reports required by section 288.062(11), F.S., the 12-month period beginning on the day after the prior anniversary of the Credit Certification Date and ending on the day before the current anniversary.
   16. (p) “Revenue Impact Assessment” means the analysis described in section 288.062(3)(e), F.S. The assessment should include methodologies, assumptions, and data sources sufficient to permit verification; upon request, the preparer must provide such information to the Department.
   17. (q) “Salary Range” means, for all Full-Time Employment Positions employed at any time during the Reporting Period, the lowest and highest annualized cash wages paid, excluding employer-paid benefits and payroll taxes.
2. (2) Application Period. Applications for certification will open on November 1, 2025, and will remain open until the maximum amount of investment authority permitted by section 288.062, F.S., is reached.

3. (3) Application. Applicants must complete and submit Form COM-73-001, Application for Certification as a Rural Fund (effective date November 1, 2025), which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram and accompanying documents. Applications must be submitted electronically to RCIP@commerce.fl.gov or via the application portal identified on the Department’s website. An application is received on the date, hour and minute recorded by the Department’s server of record, Eastern Time (U.S.). Accompanying documents include:

   1. (a) The investment authority sought by the applicant.
   2. (b) A copy of the applicant’s license as a rural business investment company under 7 U.S.C. § 2009cc or as a small business investment under 15 U.S.C. § 681, and a certificate submitted on Form COM-73-002, Investment License Certification Statement (effective November 1, 2025), which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and executed by an executive officer of the applicant attesting that such license remains in effect and has not been revoked.

   3. (c) Evidence that, as of the date the application is submitted, the applicant has invested through itself, or together and with its affiliates that at least $100 million in nonpublic companies located in counties within the United States with a population of less than 75,000 as of the United States Decennial Census of 2020.

      1. The applicant must provide proof of the $100 million investment amount by providing bank statements reflecting outgoing funds tied to the investment, audited financial statements of the applicant showing the $100 million investment, or purchase/loan agreement with the investment amounts clearly stated.

      2. The applicant must provide the name of the nonpublic companies, the amount of investment provided to each nonpublic company, and the county and state in which the nonpublic companies have their principal business operations in.

      3. The applicant must provide an attestation via a notarized affidavit submitted on Form COM-73-003 (effective November 1, 2025), Affidavit of Investment, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, signed by an executive officer of the applicant that the applicant has invested at least $100 million in nonpublic companies located in counties within the United States with a population of less than 75,000 as of the United States Decennial Census of 2020.

   4. (d) An estimate of the total number of new annual jobs that will be created and total jobs retained over the life of the program in the state because of the applicant’s proposed eligible investments.
   5. (e) A business plan that includes a revenue impact assessment projecting state and local tax revenues to be generated, as well as state expenditures to be reduced, by the applicant’s proposed eligible investments, which is prepared by a nationally recognized third-party independent economic forecasting firm using a dynamic economic forecasting model that analyzes the applicant’s business plan over the 10 years after the date the application is submitted to the Department. The revenue impact assessment must result in a positive fiscal impact to the state over the 10-year period. The assessment must verify that the positive economic impact will exceed the cumulative amount of the applicant’s requested tax credit. The assessment must include accounting for the costs for existing state tax incentives utilized by potentially eligible businesses. The business plan must also include information on how the applicant will ensure that at least 70 percent of the eligible investments will be made to rural communities.
   6. (f) Organization chart showing the ownership structure and relationship for the rural fund, its affiliates, and its investors.
   7. (g) Affidavit submitted using Form COM-73-004 (effective November 1, 2025), Foreign Entity Compliance, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and signed by an executive officer of the applicant under penalty of perjury attesting that the applicant is not a foreign entity in accordance with section 288.0071, F.S.
   8. (h) Names of the executive officers of the applicant and the affiliates of the applicant.
   9. (i) If the applicant has or will have employees working in the State, a copy of the applicant’s signed E-Verify Memorandum of Understanding with the U.S Department of Homeland Security.
   10. (j) A signed application certification statement submitted using Form COM-73-005 (effective November 1, 2025), Application for Certification Statement, and signed by an executive officer of the applicant.
   11. (k) Any other information requested by the Department.
4. (4) Complete Application. An application will be deemed complete when the Department determines that all required information and documentation has been provided to the Department. The Department may request additional information from the applicant. The applicant will have 10 calendar days to submit additional information requested by the Department. An application will be deemed incomplete if the additional information requested is not provided within 10 calendar days of the Department’s request. The 60-day review period will not commence until the Department receives all information necessary to constitute a completed application. If the Department requests additional information after the 60-day period has begun, the running of the 60-day period is tolled from the date of the Department’s request until the applicant provides the requested information. The Department’s failure to act within the 60-day period does not constitute approval of the application.
5. (5) Amendments. An application cannot be amended once it has been submitted to the Department other than for the Department’s request for additional information. An applicant may withdraw and resubmit its application if the applicant needs to amend its application. An applicant must notify the Department in writing of its intent to withdraw its application.
6. (6) Upon receipt of an application for certification of a rural fund, the Department shall review the application for completeness and compliance with section 288.062(3), F.S., and subsection (3) of this rule.
7. (7) Failure to complete and submit any of the documents listed in subsection (3) of this rule will result in the application being deemed incomplete.
8. (8) Within 60 days after receipt of a completed application, the Department shall approve or deny the application.
9. (9) The Department will certify rural funds in the order completed applications were received or deemed received by the Department. Applications accepted by the Department on the same day will be considered as submitted simultaneously. The Department will certify applications submitted simultaneously in proportionate percentages based on the ratio of the amount of investment authority requested in an application to the total amount of investment authority requested in all applications submitted simultaneously. Completed applications “received on the same day” are those received between 12:00:00 a.m. and 11:59:59 p.m., Eastern Standard Time, on the same calendar day. The Department shall cumulatively certify up to $140 million in investment authority during the existence of the Program.

10. (10) Applications shall be denied if:

    1. (a) The applicant fails to satisfy all statutory requirements;
    2. (b) The applicant fails to demonstrate that the applicant’s revenue impact assessment will result in a positive economic impact on the state of Florida over a ten-year period that exceeds the cumulative amount of tax credits that would be issued to the applicant if the application were approved; or
    3. (c) The Department has already approved the maximum amount of investment authority of $140 million.

11. (11) The Department will provide written notice of certification to the applicant within 60 days of receipt of a completed application. The Department’s certification will:

    1. (a) Certify the applicant as the rural fund.
    2. (b) Certify the amount of the rural fund’s investment authority. The rural fund’s investment authority will be established by the Department.
    3. (c) Certify the amount of tax credits available to persons who make investor contributions in the rural fund. The certified tax credits must equal 25% the rural investment authority authorized by the Department in the notice of certification.
    4. (d) Include a statement that tax credits may not be taken against state tax liability until the rural fund receives a final order from the Department.
12. (12) Within 90 calendar days of the applicant receiving the Department’s notification of certification, the rural fund shall collect all investor contributions. The investor contributions collected must equal the investment authority specified in the Department’s notification of certification to the applicant.
13. (13) If the rural fund does not receive investor contributions in an amount equal to its investment authority within 90 calendar days after receiving the notification of certification, the Department will revoke the rural fund’s certification. A revoked certification shall revert to the Department and shall be reissued pro rata to each rural fund that was awarded less than the investment authority for which it applied and then to new applicants in accordance with the application process.

14. (14) Within 95 calendar days after certification, the rural fund must file Form COM-73-006 (effective November 1, 2025), Investor Contributions Notice, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, with the Department electronically to RCIP@commerce.fl.gov, which must include:

    1. (a) The total amount of investor contributions collected;
    2. (b) The date on which each investor contribution was collected;
    3. (c) For each investor, the investor’s legal name, taxpayer identification number, and amount contributed to the rural fund;
    4. (d) Evidence of receipt of the rural fund receiving investor contributions, such as bank statements or other financial institution documentation acceptable to the Department;
    5. (e) The name, mailing address, and tax identification number of each investor who is eligible to claim a tax credit and the amount of credits that may be claimed by each investor;
    6. (f) An affidavit submitted using Form COM-73-004 (effective November 1, 2025), Foreign Entity Compliance, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and signed by executive officer from each investor attesting, under penalty of perjury, that the investor is not a foreign entity in accordance with section 288.0071, F.S.; and
    7. (g) Any other information required by the Department.
15. (15) The rural fund’s failure to timely transmit complete documentation shall result in revocation of the rural fund’s certification. A revoked certification shall revert to the Department and shall be reissued pro rata to each rural fund that was awarded less than the investment authority for which it applied and then to new applicants in accordance with the application process.

16. (16) Final Orders Certifying Tax Credits. After the Department timely receives the rural fund’s Form COM-73-006 (effective November 1, 2025), Investor Contributions Notice, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and complete, supporting documentation, the Department shall issue a final order. The Department’s final order will include:

    1. (a) The taxpayer’s legal name;
    2. (b) The taxpayer’s identification number;
    3. (c) The amount of tax credit certified;
    4. (d) The Credit Certification Date; and

    5. (e) A reference to the applicable rural fund certification.

       The Department will transmit a copy of the final order to the Department of Revenue and to the rural fund. The rural fund is responsible for providing the final order to the taxpayers listed in the final order.

17. (17) Investor Contribution Records. Rural funds must maintain documentation for each investor contribution, including bank wire confirmations or canceled checks and an executed agreement for the equity or debt instrument.
18. (18) Transfer of Tax Credits. A taxpayer must notify the Department of its intent to transfer any earned credit under section 288.062(6)(b)2., F.S., to an affiliate of the rural fund within 30 calendar days of the transfer.

19. (19) Request for Written Opinion. A rural fund may request a written opinion from the Department as to whether a business the rural fund proposes to invest meets the definition of eligible business as defined in section 288.062(2)(d), F.S. The Department will issue a written determination to the rural fund within 15 days after the Department receives the request. If the rural fund submits insufficient information for the Department to make a determination, the Department will issue an inconclusive determination letter. The rural fund must submit its request using Form COM-73-007 (effective November 1, 2025), Eligible Business Determination Form, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram. The request for written opinion shall include the following documentation:

    1. (a) Information proving that the business maintains its principal business operations in a rural community, as defined in section 288.062(2)(j), F.S., in the state.
    2. (b) Information proving that the business has fewer than 250 Full-Time Equivalent Employees.
    3. (c) The location where at least 60 percent of the business’s employees work.
    4. (d) Physical locations of the business and any related business under the same federal employer identification number.
    5. (e) Type of investment- capital or equity.
    6. (f) Amount that a rural fund is considering investing in the business.
    7. (g) The federal employer identification number of each business planned to receive an eligible investment.
    8. (h) Annual payroll at each location if the determination of eligibility will be based on payroll. If determination will not be based on payroll, this is not needed.
    9. (i) Information sufficient to identify any affiliates of the business.

20. (20) Claiming Credits.

    1. (a) Upon receipt of a final order from the Department, a taxpayer earns a vested right to a credit against such entity’s state tax liability that may be utilized in each of the tax years containing the first through fifth credit certification date of such investment in an amount equal to the applicable percentage set forth below for such credit certification date multiplied by the purchase price paid to the rural fund for the investment. The applicable percentages that may be claimed are:

       1. Credit Allowance Year Number 1 – 20 percent;

       2. Credit Allowance Year Number 2 – 20 percent;

       3. Credit Allowance Year Number 3 – 20 percent;

       4. Credit Allowance Year Number 4 – 20 percent; and

       5. Credit Allowance Year Number 5 – 20 percent.

    2. (b) The amount of the credit claimed by a taxpayer or transferee shall not exceed the amount of such entity’s state tax liability for the tax year for which the credit is claimed. Any amount of credit that a taxpayer or transferee is prohibited from claiming in a taxable year may be carried forward for use in a subsequent taxable year until the tax year containing the 11th credit certification date.

21. (21) The Department will recapture, from a taxpayer, the credit allowed under section 288.062, F.S., if:

    1. (a) The rural fund does not invest 60 percent of its investment authority in eligible businesses in the state of Florida before the rural fund’s second credit certification date;
    2. (b) The rural fund does not invest 100 percent of its investment authority in eligible businesses before its third credit certification date, with at least 70 percent of such eligible investments made in a rural community;

    3. (c) Should the rural fund fail to meet the conditions of paragraph (b) in any year after the rural fund’s third credit certification date and until the rural fund exits the Program in accordance with section 288.062(10), F.S., the Department shall recapture credits based upon the following schedule:

       1. If the rural fund fails to invest or fails to maintain investment authority in eligible businesses at a percentage of at least 90 percent, all credits will be subject to recapture.

       2. If the rural fund fails to invest or fails to maintain investment authority in eligible businesses at a percentage above 90 percent, but below 100 percent, the percentage subject to recapture will be equal to the amount by which the rural fund failed to achieve 100 percent investment.

    4. (d) The rural fund, before exiting the Program in accordance with section 288.062(10), F.S., makes a distribution or payment that results in the rural fund having less than 100 percent of its investment authority invested in eligible businesses;
    5. (e) The rural fund invests in an eligible business that directly, or indirectly through an affiliate, owns, has the right to acquire an ownership interest in, makes a loan to, or makes an investment in the rural fund of an affiliate of the rural fund or an investor in the rural fund;
    6. (f) The rural fund submitted false or misleading, or materially incomplete information in its application or in subsequent reports; or
    7. (g) The rural fund does not submit a report required by section 288.062, F.S., this rule, or submits incomplete information in the reports.
22. (22) Enforcement of the recapture provisions of paragraphs (a), (b), (c), (d), (e), (f), and (g) of subsection (21) herein shall be subject to a six-month cure period. No recapture shall occur until the rural fund has received notice of noncompliance and has been afforded six months from the date of receipt of such notice to cure the noncompliance. The Department will also provide notice of noncompliance to the taxpayer(s) or transferee, as applicable, and the Department of Revenue. The Department’s notice of noncompliance will identify the statutory or rule provision at issue, the facts constituting the deficiency, the corrective action required, and the six-month cure deadline.
23. (23) The Department must issue a final order recapturing the tax credits if the rural fund fails to cure a deficiency by the 6-month cure deadline.
24. (24) A revoked tax credit shall not be claimed, transferred, or carried forward.

25. (25) The Department will consider a waiver request under section 288.062(8), F.S., from a rural fund. The rural fund must provide evidence to the Department that the business is located on land classified as agricultural under section 193.461, F.S., or that the primary residence of a majority of the business’s employees is in a rural community as defined in section 288.062(2)(j), F.S.

    1. (a) The rural fund must provide official property tax statements, online records from the applicable county property appraiser’s office, recorded deed, or recorded plat map as evidence that the business is located on land classified as agricultural.
    2. (b) The rural fund must provide copies of driver’s licenses, voter registration cards, lease or mortgage statements, tax statements, recorded deeds, online records from the applicable county property appraiser’s office, or utility bills that show the business’s employee’s primary residence is in a rural community. The rural fund must provide this documentation for a majority of the business’s employees as evidence that the employees’ primary residence is in a rural community. Majority of the business’s employees means more than 50 percent of all full-time employees have their primary residence in a rural community.
26. (26) Effect of waiver. A waiver granted under section 288.062(8), F.S., does not alter the requirement in section 288.062, F.S., that at least 70 percent of the investment authority be invested in rural communities.
27. (27) Application to exit. A rural fund may apply to exit the Program by submitting Form COM-73-008 (effective November 1, 2025), Rural Fund Exit Application, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, electronically to RCIP@commerce.fl.gov to the Department on or after the sixth anniversary of its Credit Certification Date.
28. (28) The Department shall review each application to determine whether credits have been recaptured, whether the rural fund has received a notice of recapture that has not been cured, and whether there are any carryover credits or unused credits remaining.
29. (29) The Department shall approve or deny the completed application within 15 days after the Department’s receives a completed Form COM-73-008 (effective November 1, 2025), Rural Fund Exit Application, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram. Denial notices shall include the reason(s) for the determination.

30. (30) The rural fund shall submit to the Department a report on or before the 15th business day after the second and third Credit Certification Dates. The reports shall be submitted electronically to RCIP@commerce.fl.gov in the format specified on Form COM-73-009 (effective November 1, 2025), Annual and Final Report, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and include the information required by section 288.062(11)(a), F.S. Such report shall include the following for each eligible business:

    1. (a) The name of each eligible business who received an eligible investment and the amount of eligible investment received;
    2. (b) The county of each eligible business receiving an eligible investment;
    3. (c) The percentage of eligible investments made in rural communities;
    4. (d) The names of the eligible businesses located in rural communities that received eligible investments and the amount of eligible investment received;
    5. (e) Financial documentation that the rural fund has invested the amounts required in section 288.062(7)(a), F.S. Acceptable financial documentation includes bank statements, wire transfers, or canceled checks.
    6. (f) Bank statements of such rural fund evidencing each eligible investment;
    7. (g) If requested of the Department, a copy of the written opinion of the Department that such business was an eligible business at the time of such eligible investment, or evidence that the Department failed to respond to a request for eligibility within 15 days of such request (as evidenced by a signed certification of the fund manager of such request and the Department’s failure to respond), as applicable;
    8. (h) The number of jobs created as a result of each eligible investment;
    9. (i) The number of jobs retained as a result of each eligible investment;
    10. (j) An affidavit, using Form COM-73-010 (effective November 1, 2025), Affidavit for Jobs Retained, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, from each eligible business’s chief executive officer providing that the jobs retained would have been eliminated but for the initial eligible investment;
    11. (k) The average annual salary of jobs created as a result of each eligible investment;
    12. (l) The average annual salary of jobs retained as a result of each eligible investment;
    13. (m) The median salary of jobs created as a result of each eligible investment;
    14. (n) The median salary of jobs retained as a result of each eligible investment;
    15. (o) The salary range of jobs created as a result of each eligible investment;
    16. (p) The salary range of jobs retained as a result of each eligible investment;
    17. (q) The eligible businesses revenue or profit before the eligible investment;
    18. (r) The eligible businesses revenue or profit after the eligible investment;
    19. (s) Documentation of all distributions during the rural fund’s first two years related to the reasonable costs and expenses of forming, syndicating, managing, and operating the rural fund. Such distributions include reasonable and necessary fees paid for professional services, including legal and accounting services, related to the formation and operation of the rural fund; and
    20. (t) Any additional information requested by the Department.

31. (31) On or before the fourth Credit Certification Date and annually thereafter until Program exit the rural fund shall submit to the Department a report on or before the 15th business day after the second and third Credit Certification Dates. The reports shall be submitted electronically to RCIP@commerce.fl.gov in the format specified on Form COM-73-009 (effective November 1, 2025), Annual and Final Report, which is incorporated by reference and available online at: https://floridacommerce.my.site.com/RuralCommunityInvestmentProgram, and include the information required by section 288.062(11)(b), F.S. Such report shall include:

    1. (a) The name of each eligible business who received an eligible investment and the amount of eligible investment received;
    2. (b) The county of each eligible business receiving an eligible investment;
    3. (c) The percentage of eligible investments made in rural communities;
    4. (d) The names of the eligible businesses located in rural communities that received eligible investments and the amount of eligible investment received;
    5. (e) Financial documentation that the rural fund has invested the amounts required in section 288.062(7)(a), F.S. Acceptable financial documentation includes bank statements, wire transfers, or canceled checks;
    6. (f) Bank statements of such rural fund evidencing each eligible investment;
    7. (g) If requested of the Department, a copy of the written opinion of the Department that such business was an eligible business at the time of such eligible investment, or evidence that the Department failed to respond to a request for eligibility within 15 days of such request (as evidenced by a signed certification of the fund manager of such request and the Department’s failure to respond), as applicable;
    8. (h) The number of jobs created as a result of each eligible investment;
    9. (i) The number of jobs retained as a result of each eligible investment;
    10. (j) An affidavit from each eligible business’s chief executive officer providing that the jobs retained would have been eliminated but for the initial eligible investment;
    11. (k) The average annual salary of jobs created as a result of each eligible investment;
    12. (l) The average annual salary of jobs retained as a result of each eligible investment;
    13. (m) The median salary of jobs created as a result of each eligible investment;
    14. (n) The median salary of jobs retained as a result of each eligible investment;
    15. (o) The salary range of jobs created as a result of each eligible investment;
    16. (p) The salary range of jobs retained as a result of each eligible investment;
    17. (q) The eligible businesses revenue or profit before the eligible investment;
    18. (r) The eligible businesses revenue or profit after the eligible investment;
    19. (s) Documentation of all distributions during the rural fund’s third, fourth, and fifth years related to the reasonable costs and expenses of forming, syndicating, managing, and operating the rural fund. Such distributions include reasonable and necessary fees paid for professional services, including legal and accounting services, related to the formation and operation of the rural fund; and
    20. (t) Any additional information requested by the Department.

32. (32) A rural fund must, upon the Department’s request, provide the following to the Department:

    1. (a) A schedule showing compliance with the 60% and 100% investment thresholds as of the second and third anniversaries of the Credit Certification Date;
    2. (b) A maintenance schedule demonstrating that at least 70% of investment authority remains invested thereafter; and

    3. (c) If any eligible investment is repaid or sold, documentation showing reinvestment within 12 months after receipt of capital or by the end of the following calendar year, whichever is later. Acceptable documentation includes, but is not limited to, bank statements, wire confirmations, general ledger extracts, cap tables, payoff statements, or executed agreements.

       

       

       

       

Rulemaking Authority 288.062(13) FS. Law Implemented 288.062 FS. History – New 10-29-25.