FL S2572

Authorizes aerospace businesses in Florida to claim tax credits equal to 10 percent of compensation paid to qualified employees, capped at $12,500 annually per employee for the first five years of employment.

Establishes a tuition reimbursement tax credit allowing aerospace businesses to claim 50 percent of tuition reimbursed to qualified employees (maximum amount equal to average annual Florida public university tuition) if the employee earns a degree or certification within one year of employment.

Sets an annual statewide limit of $2 million in total aerospace tax credits and a per-business maximum of $200,000 annually; unused credits may be carried forward for up to 5 years.

Imposes criminal penalties including third-degree felony charges and mandatory penalties of 200 percent of fraudulently claimed credits for unlawful credit claims.

Requires Department of Revenue approval of credit applications and expires the tax credit program on December 31, 2020, though businesses may continue using previously earned carryover credits.