Rural Communities

Rural Communities; Requires DEO to accept applications for approval as growth funds; specifies information required to be submitted in application; requires department to approve or deny applications within specified timeframe; prohibits department from reducing investment authority of application or denying application unless certain circumstances are met; requires department to provide tax credit certificate to taxpayers; requires department to revoke growth fund's certification under specified conditions; provides formula for calculating maximum amount of investments; specifies timeframe within which growth fund may correct violations to avoid revocation of tax credit certificate; requires growth fund to submit report to department.