1. (1) 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.

2. (2) 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.

3. (3) 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% of 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.

Rulemaking Authority 288.062(13) FS. Law Implemented 288.062 FS. History–New 4-22-26.