FL S1542

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

Eligible contributions support educational expenses, special assistance, tutoring, mentoring, extracurricular activities, character education programs, and pay-to-play fees for grades K-12 public schools.

Sets a total annual cap of $118 million for all tax credits and carryforwards under this program and section 624.51055, with credits apportioned to each school district based on its percentage of statewide full-time equivalent students.

Allows taxpayers to carry forward unused credits for up to 3 years and permits rescission of allocated credits once per 3-year period, making rescinded amounts available to other eligible taxpayers on a first-come, first-served basis.

Requires public schools to report contribution data to the Department of Revenue and prohibits taxpayers receiving credits under section 624.51055 from receiving credits under this program; effective July 1, 2011.