Research and Development

 

 

Building Florida’s Innovation Economy Through Research and Development

 

Why It Matters to Florida

Florida’s ability to attract high-wage jobs and increase global competitiveness is front and center once again as the Legislature once again contemplates tax reform and its role in economic development.

Thanks to the efforts of the Florida Chamber, business leaders and legislative leadership, the Florida Legislature increased the R&D Tax Credit cap from $9 million to $23 million for one year in 2015, and modified the program to allow the credits to be pro-rated, instead of being awarded on a mad dash, first-come first-serve basis. The increased demand for this tax credit had in the past resulted in applications being denied, causing our state to lose out on important R&D and high-wage job creators.

Florida’s Competitiveness Agenda

The Florida Chamber supports increasing the current $9 million R&D Tax Credit cap— which has been exceeded every year — to help our state remain competitive and attract high-wage jobs.

The Fight for Free Enterprise Continues

At the Florida Chamber, we believe in innovation and spurring new technology and emerging industries. Learn how you can get involved by contacting cjohnson@flchamber.com.

Florida Chamber Drives Support for Florida R&D Tax Credit

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 cjohnson@flchamber.com.

Thanks To You, Florida Chamber-Backed Film Bill Passes Senate

Thanks to the efforts and outreach of our members, Florida Chamber-backed SB 1046 unanimously passed out of Senate Commerce and Tourism. The bill, sponsored by Senator Nancy Detert (R – Venice), will help fuel jobs and economic growth, and establish a Division of Film and Entertainment under Enterprise Florida. This bill will also help maintain technical jobs in our state, continue showcasing our state through television and movies, and help make Florida more competitive with neighboring states, such as Georgia, which has a booming film industry.

Thank you for your support in maintaining and creating high-wage jobs in Florida.

What’s Next:

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Learn More:

Rep. Burton and Narain Talk Legal Reform and Attracting High-Wage Jobs

Florida Chamber-backed Representatives Rep. Colleen Burton  (R-Lakeland) and Rep. Ed Narain (D-Tampa) faced challenging primaries in their districts but overcame the competition on a platform of free enterprise principles and job growth. During this edition of the Florida Chamber’s Bottom Line, we had a chance to speak to both Representatives as they reflected on their primaries.

“It was challenging, but it gave me an opportunity to make sure that my message was very clear to the voters in my area,” said Rep. Colleen Burton “I was really grateful that the Florida Chamber made a  connection with me and my message also. I felt the support from the[Florida] Chamber was invaluable.”

“I’m very proud to be here and also proud to have been supported by the Florida chamber,” said Rep. Ed Narain. “The [Florida] Chamber was extremely supportive from the very beginning of my race, which was helpful because it got the word out about the type of candidate that I was running in that seat. The [Florida] Chamber has always been about job growth and jobs creation. Our message was always simple- it’s about people, it’s not about politics it not about party affiliations- it’s about doing what’s right for the people of Florida, and particularly the people in district 61 back home. I was glad to have the support of the[Florida] Chamber and we pulled it off.”

Both Representative’s Burton and Narain went through the Florida Chamber Political Institute’s rigorous, and comprehensive Candidate Interview process- which compares the candidates’ stances on the tough issues that matter to Florida’s business community.  Both Representatives took the Florida Chamber Political Institute’s Candidate Interviews as opportunities to learn about the issues that impacted voters and job creators in Florida, and now, they advocate on behalf of their constituents on paramount issues like legal reform and attracting high-wage jobs to Florida.

Rep. Colleen Burton on Florida’s Bottom-10 Legal Climate:

“For me this is an economic development issue. It impacts businesses here in Florida and it impacts their ability to do business. It costs a lot of money and that means it costs jobs. And I’m passionate about that and passionate because it’s an economic development issues. I’m honored that leadership and others in the house who have been working on that issue for a number of years have included me in those conversations moving forward. I want to be part of a solution, I’d like to see a long term plan for how we are going to get for where we need to get and that’s an issues that always going to be important to me.”

Rep. Ed Narain on Attracting High-Wage jobs to Florida:

“My district  is one that’s suffering for jobs. We still have unemployment that is almost twice the state average.  I’m all about bringing quality jobs to the state, particularly to district 61. So the high-skill, high-wage jobs that we need to bring, in order to bring them to the state, we’ve got to have some incentives that are going to attract companies that can provide those jobs.  What we saw in years past, particularly last year, was a credit that was at $9 million and basically within a series of minutes, that credit was gone amongst the 18 companies that applied for it. So we are sponsoring  legislation that will allow us to double that credit, and … allow them to have an incentive to come here, to do research and development and create the type of jobs that we want people in the state of Florida to have- jobs that they can provide for their entire families with.”