summary
Introduced
02/27/2025
02/27/2025
In Committee
03/05/2025
03/05/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to the research and development tax credit; amending s. 220.196, F.S.; increasing the combined total amount of credits which may be granted to business enterprises during any calendar year; deleting obsolete language; providing applicability; providing an effective date.
AI Summary
This bill increases the annual cap on research and development (R&D) tax credits in Florida from $9 million to $50 million, which represents a significant expansion of the state's support for businesses investing in research and innovation. The tax credit allows businesses to receive financial incentives for qualified research expenses incurred in the previous calendar year, with applications to be filed between March 20 and March 27. If the total credits requested by all applicants exceed the $50 million cap, the credits will be allocated proportionally among the applicants. The bill specifies that this change will first apply to the 2026 tax credit allocation for expenses incurred in calendar year 2025, with the bill itself taking effect on July 1, 2025. By increasing the available tax credits, the legislation aims to encourage more businesses to invest in research and development activities within the state, potentially stimulating innovation and economic growth.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Died in Ways & Means Committee (on 06/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2025/1377 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/1377/BillText/Filed/PDF |
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