Preheat oven to 400°F. Mix flour, sugar, baking powder and salt in large bowl. Cut in butter with pastry blender or 2 knives until mixture resembles coarse crumbs. Stir in chocolate chips.
Mix 3/4 cup of the cream, egg, vanilla and food color in medium bowl with wire whisk until well blended. Add to flour mixture; stir until a soft dough forms.
Place dough on lightly floured surface. Pat into an 8-inch circle. Cut out heart shapes with 2 1/2- to 3-inch heart-shaped cookie cutter. Gather scraps and cut out additional heart shapes. Place on ungreased baking sheet. Brush tops with remaining 1 tablespoon cream.
Bake 16 to 18 minutes or until golden brown, rotating baking sheet halfway through cook time. Cool slightly on wire rack.