Florida Applications for Research Credit May Be Submitted Starting March 20


The first day to submit applications for the new Florida Research Credit is March 20, 2013. Applications will be reviewed by the state on a first-come, first-served basis, so timely filing is important. Emergency Rule 12CER13-02, F.A.C., provides procedures for a target industry business that is allowed and claims a tax credit against federal corporate income tax for qualified research expenses to claim a Florida research and development tax credit against corporate income tax, as provided in Section 220.196, F.S. The emergency rule provides: (1) that the credit is available annually for tax years beginning on or after January 1, 2012; (2) beginning March 20 of each year, a target industry business must file an Allocation for Research and Development Tax Credit for Corporate Income Tax with the Department; (3) that the Florida corporate income tax credit is to be taken in the same tax year as the federal credit for increasing research activities is taken; (4) that a business taking the tax credit must provide a copy of the federal forms regarding the related federal tax credit with the business’ Florida corporate income tax return; (5) for the calculation of the Florida tax credit and examples of the calculations required; (6) that the credit is limited to fifty percent of the Florida income tax liability after all other tax credits are applied; (7) that any unused credit may be carried forward up to five tax years; and (8) the recordkeeping requirements for those businesses taking the Florida research and development tax credit.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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