FL H0657

Establishes the Florida Public School Tax Credit Program allowing corporations to claim a 100 percent tax credit against corporate income taxes for monetary contributions to public schools, capped at 75 percent of annual tax liability after other credits.

Eligible contributions support educational expenses, special assistance, tutoring, mentoring, extracurricular activities, character education programs, and pay-to-play fees for student development.

Sets a combined annual cap of $118 million in total tax credits and carryforwards for this program and section 624.51055, with unused credits allowed to carry forward up to 3 years.

Allows taxpayers to designate specific uses for contributions, with public schools determining use of undesignated funds in consultation with school advisory councils; requires schools to report contribution amounts and spending to the Department of Revenue.

Reduces the credit by the difference in federal corporate income tax attributable to claiming the credit and restricts transfer of credits to situations involving transfer of all taxpayer assets; prevents taxpayers eligible for other education credits from using this program.