Enacting the Kansas rural business growth program act, providing a premium tax credit to incentivize capital investment in rural areas and establishing a program to be administered by the secretary of commerce for the purpose of incentivizing such investment.

HB 2541 creates a tax credit program for insurance companies that invest in certified rural funds, reducing their premium tax liability by 15% (after an initial two-year 0% period) for capital investments supporting eligible rural businesses. The program requires rural funds to apply to the Kansas Department of Commerce by October 2026, demonstrating prior investment in rural areas, submitting a business plan with job creation projections, and paying a $5,000 fee. Eligible businesses must be located outside cities over 50,000 residents or in specific industries (e.g., agriculture, manufacturing), have under 250 employees, and meet location criteria. The credit applies only to insurance companies, directly incentivizing their capital deployment into rural Kansas economic development.