(1) Applicability of statutory definitions. The definitions in section 288.062, F.S., apply to these rules. For the purpose of administering section 288.062, F.S., and these rules, the following additional definitions apply:
- (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.
- (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.
- (c) “Completed Application” means an application on either Form COM-73-001, Application for Certification as a Rural Fund (effective date 04/2026), which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19141"http://flrules.org/Gateway/reference.asp?No=Ref-19141, or in the Department’s electronic system that contains all elements required by section 288.062(3), F.S., subsection 73A-7.002(2), F.A.C., and includes all attachments and supporting documentation required to be deemed complete.
- (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.
- (e) “Days” means business days unless otherwise stated.
- (f) “Department” means the Florida Department of Commerce.
(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.
- (h) “Executive Officer” means the chairman of the board of directors, chief executive officer, chief financial officer, president, vice chairman, or executive vice president.
- (i) “Equity Investment” means the purchase of ownership interests in an eligible business.
- (j) “Full-Time Employment Position” means for purposes of reporting under these rules, a position requiring at least 35 hours of work per week for a 12-month period.
- (k) “Investor” means taxpayer as that term is defined in section 288.062(2)(m), F.S.
- (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.
- (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.
- (n) “Program” means the Rural Community Investment Program.
- (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.
- (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.
- (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.
Rulemaking Authority 288.062(13) FS. Law Implemented 288.062 FS. History–New 4-22-26.