Florida R&D Tax Credit Summary

R&D Tax Credit Available

Yes

STATE

Florida

NAME

Research and Development Tax Credit for Florida Corporate Income Tax

DOES IT APPLY TO C-CORPS & PASS THROUGHS?

Only applies to “business enterprises,” which includes C and S corporations but excludes partnerships and LLC’s taxed as partnerships.

DESCRIPTION

Nonrefundable credit with similar definition to federal for Qualified Research Expenses and Qualified Research Activities, except only include Florida-based expenses and must be in a “targeted industry”.

PERCENTAGE

10% on incremental expenses over base amount.