The Florida Department of Revenue (DOR) will begin collecting applications for the R&D Tax Credit against the Corporate Income Tax for tax year 2016 on Monday, March 20, 2017. The application will be live online until Sunday, March 26, 2017, at 11:59 PM. During that time, the amount of credits that will be awarded is $9 million, and if applications exceed the cap, will be awarded on a pro-rata basis.
Prior to applying through DOR, companies must certify through the Department of Economic Opportunity that they are a qualified targeted industry business. For additional information on how to apply, including screenshots of the application and information on how to qualify, DOR has released a "Tax Information Publication" which can be found by clicking here.
R&D Tax Credits for 2017 Tax Year
Once again, the Florida Chamber of Commerce will be pushing to increase the $9 million cap for the R&D Tax Credit during the 2017 Legislative Session. The Florida Chamber has been meeting with key legislators to discuss including R&D as a part of this year's tax package. Stay tuned for more information on this year's tax package throughout the legislative session.
Contact Carolyn Johnson and share the great R&D work that you are performing in Florida or how fewer credits awarded in 2017 might impact your business at 850-521-1235 or email@example.com.