Bill > S0886

This bill amends Florida Statute 220.196, which governs the research and development tax credit for businesses. Specifically, it increases the total amount of these tax credits that can be granted to all businesses in a calendar year from $9 million to $20 million. The bill also revises the application period for these credits, allowing businesses to file applications between March 20th and March 27th for qualified research expenses incurred in the previous year. Furthermore, if the total requested credits exceed the $20 million cap, the credits will now be allocated on a prorated basis among applicants, rather than being granted on a first-come, first-served basis as previously stated. The bill aims to provide a larger incentive for businesses to conduct research and development within Florida.