No. SB 1076
Filed under Taxes & Budget.
Research and Development Tax Credit; Increasing the combined total amount of tax credits which may be granted to business enterprises under the research and development tax credit, etc.
Plain English Summary
AI-GENERATEDThe bill increases the maximum total R&D tax credits available to all Florida businesses in a single calendar year from $9 million to $50 million.
It removes a temporary exception that allowed $16.5 million in credits for the 2018 calendar year, which is no longer relevant.
The change takes effect for the 2027 allocation of tax credits, covering expenses incurred in 2026.
If total applications exceed the new $50 million cap, the department must allocate credits on a prorated basis.
AIIncreases the maximum total amount of tax credits that can be awarded to all businesses in a single calendar year from $9 million to $50 million.
AIDeletes the specific provision that allowed $16.5 million in tax credits to be awarded in the 2018 calendar year, which is no longer relevant.
AIUpdates the mandatory language used when prorating credits if total applications exceed the annual cap, changing 'shall' to 'must' without altering the legal requirement.
AISpecifies that the increased $50 million cap first applies to the 2027 allocation of tax credits for expenses incurred in calendar year 2026.