FL H1057

Creates a new corporate tax credit equal to 10 percent of payments made by corporations with 300+ employees to small businesses (25 or fewer employees) under qualifying business contracts.

Requires corporations and small businesses to execute written contracts with minimum $100,000 in payments within 1 year and mandates small business hiring of at least 2 new employees within 60 days of contract signing.

Establishes Department of Economic Opportunity application and approval process, with provisional certification within 10 working days of complete applications and final certification after contract terms are satisfied.

Prohibits tax credits from being carried forward, backward, transferred, or sold; limits credit to corporation's actual tax liability in that year only.

Imposes second-degree misdemeanor penalties and 100 percent penalty plus interest for fraudulent claims; takes effect January 1, 2013.