The bill amends section 220.196 of the Florida Statutes to increase the total amount of tax credits available to business enterprises under the research and development tax credit from $9 million to $50 million. Additionally, it removes an obsolete provision regarding the total amount that could be awarded in the 2018 calendar year, which was set at $16.5 million. The bill also specifies that if the total credits requested by applicants exceed the new maximum amount, the credits must be allocated on a prorated basis.

Furthermore, the bill establishes that the changes will first apply to the 2026 allocation of tax credits for expenses incurred in the calendar year 2025. The act is set to take effect on July 1, 2025.

Statutes affected:
S 1244 Filed: 220.196