FL H0475

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

Eligible contributions support educational expenses, special assistance, tutoring, mentoring, extracurricular activities, character education programs, and pay-to-play fees; taxpayers may designate specific uses or allow schools to determine allocation of undesignated contributions.

Limits total annual tax credits available statewide to $118 million, apportioned to each school district based on its percentage of previous fiscal year's full-time equivalent students.

Allows unused credits to be carried forward up to 3 years and permits taxpayers to rescind unused allocations once per 3-year period for reallocation to other eligible taxpayers on a first-come, first-served basis.

Requires public schools to report contribution amounts and spending to the Department of Revenue; prohibits certain taxpayers eligible for other education tax credits from claiming this credit; effective July 1, 2011.