Florida Senate - 2016                                     SB 508
       
       
        
       By Senator Brandes
       
       
       
       
       
       22-00782-16                                            2016508__
    1                        A bill to be entitled                      
    2         An act relating to the research and development tax
    3         credit; amending s. 220.196, F.S.; increasing the
    4         total amount of tax credits which may be granted to
    5         business enterprises during any calendar year;
    6         providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (e) of subsection (2) of section
   11  220.196, Florida Statutes, is amended to read:
   12         220.196 Research and development tax credit.—
   13         (2) TAX CREDIT.—
   14         (e) The combined total amount of tax credits which may be
   15  granted to all business enterprises under this section during
   16  any calendar year is $23 $9 million, except that the total
   17  amount that may be awarded in the 2016 calendar year is $23
   18  million. Applications may be filed with the department on or
   19  after March 20 and before March 27 for qualified research
   20  expenses incurred within the preceding calendar year. If the
   21  total credits for all applicants exceed the maximum amount
   22  allowed under this paragraph, the credits shall be allocated on
   23  a prorated basis.
   24         Section 2. This act shall take effect July 1, 2016.