State Credit Name: Research and Development Tax Credit

Expiration Date: Indefinite

Who Can Apply? Only corporations that are engaged in one of the target industries identified by the Department of Economic Opportunity in Florida and have claimed and received a federal research tax credit.

Credit Carry Forward: Credits that exceed 50% of the income tax liability, the excess can be carried forward for up to 5 years. No carry back.

About the Credit:
Beginning in tax year 2012, 10% of current year Florida QRE’s that exceed the average of the prior 4 years. The credit is applied against the Florida corporate income tax liability, but it cannot exceed 50% of the tax due after all other credits and liabilities have been applied.

Notes:Pre-Certification: all taxpayers applying for the credit must include a letter from the Department of Economic Opportunity certifying the applicant is an eligible target industry business. Certification letters are valid for three years.

Click here to find out if you qualify for the federal research tax credit.

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