Bill Text: FL S0750 | 2019 | Regular Session | Comm Sub
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
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$9million, except that the total19amount that may be awarded in the 2018 calendar year is $16.520million. 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.