FL S1894

Establishes a corporate income tax credit for corporations with at least 300 full-time employees in Florida that enter into new contracts with small businesses employing fewer than 25 employees.

Requires contracts to obligate the corporation to pay at least $100,000 to the small business within 1 year of execution and the small business must certify it will hire and maintain at least two additional employees to fulfill the contract.

Allows corporations to claim a tax credit equal to 10 percent of payments made to the small business during the taxable year against corporate income tax liability.

Limits tax credits to a corporation's actual tax liability with no carryforward or carryback of unused amounts, and prohibits sale or transfer of credits.

Effective July 1, 2011, with the Office of Tourism, Trade, and Economic Development and Department of Revenue authorized to adopt administrative rules.