FL H1261

Creates a $1,500 tax credit per employee for new small businesses employing fewer than 15 employees and operating 24 months or less in Florida.

Allows businesses to apply for the credit once during their first 24 months of operation and must apply to the Department of Revenue for approval.

Caps total tax credits at $21,000 per business, with excess credits that cannot be claimed on a single tax return usable within 12 months after department approval.

Permits businesses to reapply if their initial application is deemed insufficient by the Department of Revenue.

Takes effect July 1, 2014.