FL H1129

Corporations with 300+ full-time Florida employees (excluding financial institutions and banks) may claim a tax credit against corporate income tax for contracting with small businesses employing fewer than 25 employees.

Eligible contracts must be new relationships established after July 1, 2011, and require the corporation to pay at least $100,000 to the small business within one year of contract execution.

Small businesses must certify within 60 days that they will hire and maintain at least 2 additional employees to fulfill the contract obligations.

Corporations may claim a tax credit equal to 10 percent of payments made to the small business during the taxable year, but cannot exceed their total corporate income tax liability.

Unused tax credits cannot be carried forward or backward, and credits cannot be sold or transferred; the Office of Tourism, Trade, and Economic Development and Department of Revenue may adopt rules to administer the program.