Rural Jobs Act

The Rural Jobs Act allocates $500 million annually (for 2023 and 2024) of the New Markets Tax Credit specifically for investments in designated rural areas called "Rural Jobs Zones." These zones must exclude cities/towns over 50,000 population or adjacent urban areas, and require at least 25% of funds to target persistent poverty counties or high migration rural counties. The bill directly affects community development groups focused on job creation in rural regions by providing tax credit funding for equity investments in these areas. It modifies existing tax credit rules to prioritize economic development in underserved rural communities without changing overall tax rates.