Bill > S1244

This bill increases the total amount of tax credits available for research and development (R&D) activities in Florida from $9 million to $50 million per calendar year. The tax credit is designed to encourage businesses to invest in qualified research expenses by providing a financial incentive through tax credits. Businesses can apply for these credits between March 20 and March 27 for research expenses incurred in the previous calendar year. If the total credits requested by all applicants exceed the maximum amount, the credits will be allocated proportionally among the applicants. The changes to the tax credit will first apply to the 2026 allocation of credits for expenses incurred in calendar year 2025, and the bill will take effect on July 1, 2025. By significantly increasing the available tax credits, the bill aims to stimulate research and development activities in Florida by making it more financially attractive for businesses to invest in innovation.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2025/1244