Research & Development Tax Credit Bill Passes Senate Commerce and Tourism Committee
By: Carolyn Johnson
On March 4, 2019, the Senate Commerce and Tourism Committee passed SB 750, which permanently increases the cap on Florida’s Research & Development Tax Credit to $35 million.
This Florida Chamber- backed bill, sponsored by Senator Joe Gruters, would allow companies to receive a greater percentage of the R&D credits allowed under law while encouraging high wage jobs, capital investments and innovation in Florida. The Florida Chamber has led the effort to improve Florida’s R&D Tax Credit and provide additional funding over the last five years.
As Florida continues to try to drive innovation and attract high-wage, high-skill jobs, a strategic but underfunded component is the R&D tax credit. The Florida Chamber will continue to promote SB 750 and other efforts that will make Florida a top-three state for research and development and innovation by 2030.
Thank Senator Joe Gruters
Please take a moment to send a quick email thanking Senator Joe Gruters for working to further smarter and more competitive tax policies for Florida.