- The credit taken in any taxable year may not exceed 50% of the business enterprise’s remaining net income tax liability after all other credits have been applied under Fla. Stat. §220.02(8)
- The combined total amount of research and development tax credits that may be granted to all business enterprises in any calendar year is $9 million
- Credits will be allocated by the Department in the order in which completed applications are received
The “base amount” is the average of the business enterprise’s qualified research expenses in Florida allowed under IRC § 41 for the four taxable years preceding the taxable year for which the credit is determined.
How to Obtain the Credit?
The application process for an allocation of credit related to expenses incurred in the 2019 calendar year will open on March 20, 2020.
Refundable/Transferable Tax Credit- Yes
Any unused credit may be carried forward and claimed by the taxpayer for up to five years. A taxpayer may not transfer or sell its credit or its right to apply for a credit to another taxpayer.