1. (1) 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.
2. (2) 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.

3. (3) Within 95 calendar days after certification, the rural fund must file Form COM-73-006 (effective date 04/2026), Investor Contributions Notice, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19148"http://flrules.org/Gateway/reference.asp?No=Ref-19148, 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 date 04/2026), Foreign Entity Compliance, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19146"http://flrules.org/Gateway/reference.asp?No=Ref-19146, 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.
4. (4) 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.

5. (5) Final Orders Certifying Tax Credits. After the Department timely receives the rural fund’s Form COM-73-006 (effective date, 04/2026), Investor Contributions Notice, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19148"http://flrules.org/Gateway/reference.asp?No=Ref-19148, 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.

6. (6) 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.
7. (7) 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.

8. (8) 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 in 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 date 04/2026), Eligible Business Determination Form, which is incorporated by reference and available online at: HYPERLINK "http://flrules.org/Gateway/reference.asp?No=Ref-19149"http://flrules.org/Gateway/reference.asp?No=Ref-19149. 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.

9. (9) 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.

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