FL S1600

Defines "new small business" as a sole proprietorship, firm, partnership, or corporation in Florida with fewer than 15 employees that has been in operation for 24 months or less.

Provides a tax credit of $1,500 per employee that can be applied against taxes owed under Florida corporate income tax law, with a maximum credit of $21,000 per business.

Requires new small businesses to apply to the Department of Revenue for credit approval during their first 24 months of operation, with applications including information to verify eligibility.

Allows businesses to reapply if an initial application is deemed insufficient and permits unused tax credits to be carried forward to tax returns filed within 12 months of approval.

Takes effect July 1, 2014.