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 program 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 $16.5 million. The bill specifies that applications for these tax credits can be submitted between March 20 and March 27 for qualified research expenses incurred in the previous calendar year. If the total credits requested exceed the new maximum limit, the credits will be allocated on a prorated basis.

Furthermore, the bill states 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