FL S1188

Creates corporate income tax credits for commercial spaceflight businesses certified by the Office of Tourism, Trade, and Economic Development, effective for tax periods beginning January 1, 2014.

Authorizes three types of credits: nontransferable corporate income tax credits (up to $1 million per business, $10 million annually), transferable net operating loss credits (up to $2.5 million per business, $25 million annually), and machinery/equipment credits (7.5% of purchase price, up to $5 million per business, $20 million annually).

Requires businesses to meet eligibility criteria including creating 35 new jobs, investing $15 million in the state, and participating in a successful launch from a Florida commercial launch zone within the preceding 3 taxable years.

Establishes application and certification procedures administered by the Office of Tourism, Trade, and Economic Development, with the Department of Revenue authorized to audit, verify compliance, and assess penalties for misused credits.

Permits transferable net operating loss credits to be sold to other taxpayers without transferring ownership interests, with payments from such transfers allocated to Florida as nonbusiness income.