State R&D Tax Credits

Florida

Credit Name: Research and Development Tax Credit

Expiration Date: Unknown

Does it apply to C corps and pass-through entities?: Corporate only

Credit Carry forward: 5 year carry forward.

Description: 10% of current year Florida QREs that exceed the average of the prior 4 years Florida QREs. Taxpayer may offset up to 50% of remaining tax liability after all other credits and deductions.

Taxpayer must qualify as a target industry business and be engaged in one of the qualified business activities: life sciences, information technology, aviation and aerospace, homeland security and defense, cloud information technology, marine sciences, materials science, and nanotechnology industries. Taxpayers must receive a letter from the Department of Economic Opportunity certifying they qualify as a target industry business prior to submitting the credit application.

Other Notes: Taxpayers must claim a federal credit in order to claim the Florida credit. Application must be submitted on or after March 20 and before March 27 of the following year. Credits are granted in the order in which the applications are received. Florida has allocated $9M in total credits for calendar year 2020, so if total credit applications exceed the cap, credits are allocated on a prorated basis.