The bill amends section 220.196 of the Florida Statutes to increase the combined total amount of research and development tax credits that can be granted to business enterprises in a calendar year from $9 million to $50 million. Additionally, it removes obsolete language regarding the total amount that could be awarded in the 2018 calendar year, streamlining the statute for current and future applications.

Furthermore, the bill specifies that the amendments will first apply to the allocation of tax credits for expenses incurred in the calendar year 2025, with an effective date set for July 1, 2025. This change aims to enhance the support for business enterprises engaging in research and development activities in Florida.

Statutes affected:
H 1377 Filed: 220.196