FL H0965

Allows a 100 percent tax credit for contributions to eligible nonprofit scholarship-funding organizations, removing the previous 75 percent cap on the amount of tax liability that could be offset.

Applies the 100 percent credit change to both corporate income tax (section 220.1875) and insurance premium tax (section 624.51055) under the Florida Tax Credit Scholarship Program.

Extends the carryforward period for unused tax credits from 3 years to 5 years when taxpayers have insufficient tax liability to use the full credit in the specified year.

Removes restrictions on rescinding tax credits, allowing taxpayers to rescind all or part of approved tax credits multiple times without the previous limitation of one rescindment per 3-year period.

Effective date of July 1, 2011.