FL S0450

Creates a tax credit equal to 10 percent of payments made by a corporation to a small business under a qualifying contract, applied against corporate income tax liability.

Requires corporations to employ 300 or more full-time employees in Florida and small businesses to employ 25 or fewer full-time employees (both in-state and out-of-state combined).

Mandates corporations pay at least $100,000 to the small business within one year and the small business must hire at least two new employees within 60 days of contract execution.

Prohibits tax credits from being carried forward or backward, sold, or transferred; corporations cannot claim credits exceeding their tax liability.

Establishes penalties including criminal charges (second-degree misdemeanor) and administrative liability for 100 percent of fraudulently claimed credits plus interest for businesses that falsely claim qualification.