Florida R&D Tax Credit Summary

R&D Tax Credit Available:

Yes


Eligible Entities:

C-Corporations only


Deadline for Tax Filing:

Application due by 3/26


Data Required to Compute Credit:

  • Claim Period Qualified R&D Expenses (QREs)
  • QREs for Prior 4 Years

Credit Carryforward:

5 Years


R&D Credit Summary:

The R&D tax credit equals:

  • 10% of the excess of the Florida QREs over the base amount.
  • The base amount is calculated as the average of Florida QREs for the prior four taxable years.

Special Notes:

  • FL Research Credit is only available to Corporations that meet the definition of qualified target industry business, as defined in s. 288.106(2)(n).
  • The Florida credit is limited to 50% of a taxpayer's tax liability.
  • The taxpayer must claim a federal R&D credit in order to claim a Florida credit.
  • The credit amount is capped at $23 million (for 2016 only)for the entire state, and $9 million for future years. If the state credit cap is reached, the credits are allocated on a prorated basis.
  • A corporation applying for the tax credit must include a letter from the Department of Economic Opportunity certifying that it is an eligible qualified target industry business with its application, or documentation that it has timely protested the Department of Economic Opportunity’s determination not to issue such a certification letter.
Research Tax Credit
Important Links and Forms

F-1196 Application
FL Tax Credit Instructions
FL DOR

Contact Us for a No-Cost Assessment of your Federal and State Research Credit Estimate

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