Credit Name: Research and Development Tax Credit
Expiration Date: Unknown
Does it apply to C corps and pass-through entities?: Yes
Credit Carry forward: 5 year carry forward.
Description: Beginning tax year 2012, 10% of current year Florida QREs that exceed the average of the prior 4 years Florida QREs. Maximum credit is reduced by 25% per year if the corporation has not been in existence the prior 4 years Taxpayer may offset up to 50% of remaining tax liability after all other credits and deductions.
Other Notes: Application must be submitted on or after March 20 of the following year (beginning March 20, 2013). Credits are granted in the order in which the applications are received. Florida has allocated $9M in total credits, so in cases where total credit application exceed $9M, credits allowed are reduced proportionally.