State Credit Name: Research and Development Tax Credit

Expiration Date: Indefinite

Who Can Apply? Only corporations that are engaged in one of the target industries identified by the Department of Economic Opportunity in Florida and have claimed and received a federal research tax credit.

Credit Carry Forward: Credits that exceed 50% of the income tax liability, the excess can be carried forward for up to 5 years. No carry back.

About the Credit: Beginning in tax year 2012, 10% of current year Florida QRE’s that exceed the average of the prior 4 years. The credit is applied against the Florida corporate income tax liability, but it cannot exceed 50% of the tax due after all other credits and liabilities have been applied.

Notes: Florida’s budget allocates $9 million per year for R&D credits. For business filing in 2016 for R&D expenses incurred in tax year 2015, the credit cap will be $23 million. After 2016, the credit cap will return to $9 million. If total credits for all applicants exceed the maximum allowed, credits are awarded on a prorated basis. The application must be filed on or after March 20th and before March 27th of the filing year.

Click here to find out if you qualify for the federal research tax credit.

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