HB 517 - New Small Business Tax Credit

• Creates a $1,500 per qualified employee tax credit for new small businesses, up to a maximum total credit of $21,000 per business.

• Defines "new small business" as a taxpayer employing fewer than 15 qualified employees in Florida that has conducted taxable activities for 24 months or less.

• Requires businesses to apply to the Department of Revenue for credit approval, with the department providing written notice of approval or identified insufficiencies within 15 business days.

• Allows unused credit amounts to be carried forward for 1 taxable year and prohibits receipt of the credit through refunds of previously paid taxes.

• Takes effect July 1, 2015, and adds section 220.197 to Florida Statutes while amending sections 220.02 and 220.13 to conform to the new credit program.