Bill Text: FL S0576 | 2020 | Regular Session | Introduced
Bill Title: Research and Development Tax Credit
Spectrum: Partisan Bill (Republican 2-0)
Status: (Failed) 2020-03-14 - Died in Finance and Tax [S0576 Detail]
Download: Florida-2020-S0576-Introduced.html
Florida Senate - 2020 SB 576 By Senator Gruters 23-00290A-20 2020576__ 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 a 4 limitation on industries that qualify for the research 5 and development credit against the corporate income 6 tax; increasing the combined total amount of credits 7 which may be granted to business enterprises during 8 any calendar year; requiring that a specified amount 9 of credits be allocated to certain qualified cleantech 10 businesses; authorizing the Department of Revenue to 11 allocate such amount that is not fully allocated to 12 other qualifying businesses; providing applicability; 13 providing an effective date. 14 15 Be It Enacted by the Legislature of the State of Florida: 16 17 Section 1. Paragraphs (a) and (e) of subsection (2) of 18 section 220.196, Florida Statutes, are amended to read: 19 220.196 Research and development tax credit.— 20 (2) TAX CREDIT.— 21 (a) As provided in this section, a business enterprise is 22 eligible for a credit against the tax imposed by this chapter if 23 it: 24 1. Has qualified research expenses in this state in the 25 taxable year exceeding the base amount; 26 2. Claims and is allowed a research credit for such 27 qualified research expenses under 26 U.S.C. s. 41 for the same 28 taxable year as subparagraph 1.; and 29 3. Is a qualified target industry business as defined in s. 30 288.106(2)(n).Only qualified target industry businesses in the31manufacturing, life sciences, information technology, aviation32and aerospace, homeland security and defense, cloud information33technology, marine sciences, materials science, and34nanotechnology industries may qualify for a tax credit under35this section.A business applying for a credit pursuant to this 36 section shall include a letter from the Department of Economic 37 Opportunity certifying whether the business meets the 38 requirements of this subparagraph with its application for 39 credit. The Department of Economic Opportunity shall provide 40 such a letter upon receiving a request. 41 (e) The combined total amount of tax credits which may be 42 granted to all business enterprises under this section during 43 any calendar year is $50$9million, except that the total44amount that may be awarded in the 2018 calendar year is $16.545million. The first $10 million must be allocated to qualified 46 businesses in the cleantech industry as certified by the 47 Department of Economic Opportunity. If such amount is not fully 48 allocated to qualified cleantech businesses, the department may 49 allocate the remainder to any qualifying business certified by 50 the Department of Economic Opportunity. Applications may be 51 filed with the department on or after March 20 and before March 52 27 for qualified research expenses incurred within the preceding 53 calendar year. If the total credits for all applicants exceed 54 the maximum amount allowed under this paragraph, the credits 55 shall be allocated on a prorated basis. 56 Section 2. The amendment made by this act to s. 220.196, 57 Florida Statutes, first applies to the 2020 allocation of tax 58 credits for expenses incurred in calendar year 2019. 59 Section 3. This act shall take effect upon becoming a law.