The Florida Chamber of Commerce continues its efforts to attract high-wage jobs and increase global competitiveness by advocating for increases in Florida’ Research and Development (R&D) Tax Credit.
Florida’s innovation economy is growing and the R&D Tax Credit is an important tool to grow Florida’s economy.
In testimony before the House Finance and Tax Committee last week, Florida Chamber Policy Director Carolyn Johnson testified in support of legislation that will increase the credit.
“The cap for the R&D tax credit has been met each year since the credit’s existence, with the last two years being met in less than 10 minutes,” said Carolyn Johnson, Florida Chamber Director of Business, Economic Development and Innovation Policy told members of the committee. “We must continue to encourage research and development in our state, drive innovation, and send a message to companies that they should do their research in Florida.”
Members of the Finance & Tax Committee, including Representative Jay Fant (R-Jacksonville) and Representative Jason Brodeur (R-Sanford) expressed interest in increasing R&D and taking a closer look at the R&D Tax Credit when considering tax cuts. Already, two bills have been filed – increasing the cap from $9 million to $23 million – by Representative Narain (D-Tampa) and Senator Brandes (R-St. Petersburg).
Joining the Florida Chamber of Commerce in support of increasing the amount for the R&D Tax Credit were the Manufacturers Association of Florida and BioFlorida.
During the 2015 Legislative Session, the Florida Chamber was successful in increasing the $9 million cap to $23 million for the 2015 tax year, with applications opening up on March 20, 2016. Additional changes were made to the program that would prorate the credit if the cap is exceeded, allow for a week-long application period, and require companies to certify with the Florida Department of Economic Opportunity that they are in a qualified industry prior to the application date.
Take Action Now
To learn more about the R&D Tax Credit or support our efforts to increase the cap, contact Carolyn Johnson at 850-521-1235 or firstname.lastname@example.org.