Florida Senate - 2015                                     SB 886
       By Senator Brandes
       22-00992B-15                                           2015886__
    1                        A bill to be entitled                      
    2         An act relating to the research and development tax
    3         credit; amending s. 220.196, F.S.; deleting an
    4         obsolete reference; increasing the total amount of tax
    5         credits which may be granted to business enterprises
    6         during any calendar year; revising the deadline for
    7         the filing of an application for the tax credit;
    8         revising the allocation of the tax credit to
    9         applicants; providing an effective date.
   11  Be It Enacted by the Legislature of the State of Florida:
   13         Section 1. Subsection (2) of section 220.196, Florida
   14  Statutes, is amended to read:
   15         220.196 Research and development tax credit.—
   16         (2) TAX CREDIT.—As provided in this section Subject to the
   17  limitations contained in paragraph (e), a business enterprise is
   18  eligible for a credit against the tax imposed by this chapter if
   19  the business enterprise has qualified research expenses in this
   20  state in the taxable year exceeding the base amount and, for the
   21  same taxable year, claims and is allowed a research credit for
   22  such qualified research expenses under 26 U.S.C. s. 41.
   23         (a) The tax credit shall be 10 percent of the excess
   24  qualified research expenses over the base amount. However, the
   25  maximum tax credit for a business enterprise that has not been
   26  in existence for at least 4 taxable years immediately preceding
   27  the taxable year is reduced by 25 percent for each taxable year
   28  for which the business enterprise, or a predecessor corporation
   29  that was a business enterprise, did not exist.
   30         (b) The credit taken in any taxable year may not exceed 50
   31  percent of the business enterprise’s remaining net income tax
   32  liability under this chapter after all other credits have been
   33  applied under s. 220.02(8).
   34         (c) Any unused credit authorized under this section may be
   35  carried forward and claimed by the taxpayer for up to 5 years.
   36         (d) The combined total amount of tax credits which may be
   37  granted to all business enterprises under this section during
   38  any calendar year is $20 $9 million. Applications may be filed
   39  with the department on or after March 20 and before March 27 for
   40  qualified research expenses incurred within the preceding
   41  calendar year. If the total, and credits for all applicants
   42  exceed $20 million, the credits shall be allocated on a prorated
   43  basis granted in the order in which completed applications are
   44  received.
   45         Section 2. This act shall take effect July 1, 2015.