Research and Development Tax Credit Program (section 220.196, Florida Statutes) Florida provides a corporate income tax credit for eligible businesses for certain qualified research expenses. The Florida Corporate Income Tax Credit is contingent, in part, on the eligible business having received the federal research and development tax credit. Taxpayers will be able to apply to the Florida Department of Revenue (DOR) for an allocation of the Florida Research and Development Credit beginning on March 20, 2016.
To participate in this program the corporation must claim and be allowed a research credit against federal income tax for qualified research expenses under s. 41, IRC., and also meet the definition of one of the following targeted industries:
- Aviation and Aerospace
- Cloud Information Technology
- Homeland Security & Defense
- Information Technology
- Life Sciences
- Marine Sciences
- Materials Science
Applicants will be required to include a letter from DEO certifying the applicant is an eligible target industry. Applicants will be required to complete and submit DEO Certification Request:
DEO Certification Request Form
Applicants may obtain and return the DEO Certification Request by sending an e-mail message to:
DEO must receive this certification request on or before 5:00 pm (Eastern Standard Time) on Tuesday, March 1, 2016. Certification requests received after March 1, 2016, will not be processed.
The DOR website contains information on this program, including application and tax credit program requirements. The DOR may be contacted by telephone at (800) 352-3671. Find out more about this tax credit program and the requirements in Tax Information Publication (TIP) 16C01-01.
For further information, please contact:
Burt C. Von Hoff
Department of Economic Opportunity
Division of Strategic Business Development
107 East Madison Street; MSC 80
Tallahassee, Florida 32399