Florida Senate - 2019                                     SB 750
       
       
        
       By Senator Gruters
       
       
       
       
       
       23-00615-19                                            2019750__
    1                        A bill to be entitled                      
    2         An act relating to the research and development tax
    3         credit; amending s. 220.196, F.S.; increasing the
    4         combined total amount of research and development
    5         credits against the corporate income tax which may be
    6         granted to certain business enterprises during any
    7         calendar year; providing applicability; providing an
    8         effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Paragraph (e) of subsection (2) of section
   13  220.196, Florida Statutes, is amended to read:
   14         220.196 Research and development tax credit.—
   15         (2) TAX CREDIT.—
   16         (e) The combined total amount of tax credits which may be
   17  granted to all business enterprises under this section during
   18  any calendar year is $35 $9 million, except that the total
   19  amount that may be awarded in the 2018 calendar year is $16.5
   20  million. Applications may be filed with the department on or
   21  after March 20 and before March 27 for qualified research
   22  expenses incurred within the preceding calendar year. If the
   23  total credits for all applicants exceed the maximum amount
   24  allowed under this paragraph, the credits shall be allocated on
   25  a prorated basis.
   26         Section 2. The amendment to s. 220.196, Florida Statutes,
   27  made by this act applies to taxable years beginning on or after
   28  January 1, 2019.
   29         Section 3. This act shall take effect July 1, 2019.