Bill Text: FL S0750 | 2019 | Regular Session | Comm Sub

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Bill Title: Research and Development Tax Credit

Spectrum: Bipartisan Bill

Status: (Failed) 2019-05-03 - Died in Finance and Tax [S0750 Detail]

Download: Florida-2019-S0750-Comm_Sub.html

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       Florida Senate - 2019                              CS for SB 750
       
       
        
       By the Committee on Commerce and Tourism; and Senator Gruters
       
       
       
       
       
       577-02642-19                                           2019750c1
    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 made by this act to s. 220.196,
   27  Florida Statutes, first applies to the 2019 allocation of tax
   28  credits for expenses incurred in calendar year 2018.
   29         Section 3. This act shall take effect upon becoming a law.