Rural and Urban Business Enterprises

Established a new RISE Investment Tax Credit Program within the Department of Commerce to provide tax credits to qualifying private funds that invest in early-stage companies, with up to $100 million available annually and $10 million per fund.

Changed the primary focus from 'minority business enterprises' to 'rural or urban business enterprises' in many sections, expanding eligibility criteria beyond just minority ownership to include businesses located in geographically disadvantaged areas.

Added new requirements for private funds to demonstrate total capital commitment before receiving tax credits, submit annual reports for 5 years after authorization, and repay credits if requirements are not met.

Added priority provisions requiring 50% of RISE tax credits to be made available from July 1 to December 31 each year for investments in rural communities.

Modified definitions to include 'Certified rural or urban business enterprise' alongside 'Certified minority business enterprise,' creating a dual certification system for businesses.

Added provisions for the Department of Commerce to revoke tax credits and issue recapture notices if private funds submit false information or fail to meet requirements, with recaptured funds deposited into the General Revenue Fund.

Added specific deadlines for tax credit applications (60 days for review), capital commitment demonstration (12 months), and credit transfer/sale windows (5 years after receipt).

Expanded the Florida Small and Minority Business Assistance Act title to Florida Small Business Act and broadened its focus to include rural and urban business development alongside minority business development.