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.

Find Out How to Qualify for R&D Tax Credit

The Florida Department of Revenue (DOR) will begin collecting applications for the R&D Tax Credit against the Corporate Income Tax for tax year 2015 on Sunday, March 20, 2016. The application will be live online until March 26, 2016 at 11:59 PM. During that time, the amount of credits that will be awarded is $23 million, and if applications exceed the cap, will be awarded on a pro-rata basis.

Prior to applying through DOR, companies must certify through the Department of Economic Opportunity that they are a qualified targeted industry business. For additional information on how to apply, including screenshots of the application and information on how to qualify, DOR has released a “Tax Information Publication.”

R&D Tax Credits for 2016 Tax Year

During the 2016 Legislative Session, the Florida Chamber, along with Representatives Ed Narain (D-Tampa), Jay Fant (R-Jacksonville), Matt Gaetz (R-Shalimar) and Senator Jeff Brandes (R- St. Petersburg), advocated to increase the $9 million cap for a second year in a row. Unfortunately, these efforts were not fruitful. The maximum amount of tax credits awarded during the 2017 application period, for the 2016 tax year, will be $9 million. However, these credits will continue to be awarded on a pro-rata basis if the cap is exceeded.

Get Involved:

Contact Carolyn Johnson and share the great R&D work that you are performing in Florida or how fewer credits awarded in 2017 might impact your business at 850-521-1235 or cjohnson@flchamber.com.

Senate Appropriations Committee Passes Florida Chamber Tax Cut Priorities

Targeted Tax Reform Package Heads to Full Senate- Will Help Lower Cost of Living and Doing Business

The Florida Chamber applauds the Florida Senate Appropriations Committee for their commitment to lowering the cost of living and cost of doing business in Florida by passing a targeted tax reform package today.

“The Florida Senate Appropriations Committee took a positive step today by passing several of the Florida Chamber’s targeted tax reform priorities,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “We commend the House and Senate for their work on negotiating a meaningful tax cut package and we look forward to seeing it become law.”

Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms help place money back into the pockets of Florida’s families.

The Targeted Tax Reforms in HB 33A Would:

  • Reduce communications services tax by 1.73 percent,
  • Increase the research and development tax credit from $9 million to $23 million for 2016,
  • Extend bonuses in enterprise zones for two years for companies currently receiving bonuses, and
  • Create a 10 day Back-to-School Sales Tax Holiday.

What’s Next?

The bill will now go to the Senate Floor and return to the Florida House for amendments or passage.

Share Your Story:

How will these targeted tax cuts help your business grow? Let us know by emailing cjohnson@flchamber.com.

Targeted Tax Reform Package Will Help Lower Cost of Living and Doing Business

House Passes Florida  Chamber Tax Cut Priorities

TALLAHASSEE, Fla. (June 5, 2015) – The Florida Chamber applauds the Florida House of Representatives for their commitment to lowering the cost of living and cost of doing business in Florida by passing a targeted tax reform package last week.

“We are proud of the work the Florida House has done to pass targeted tax reforms that will put money back in the pockets of Floridians and make Florida even more competitive,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “Today’s victory is a step in the right direction for our state.”

Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms help place money back into the pockets of Florida’s families.

The Florida Chamber commends the Florida House for passing the following targeted tax reforms in HB 33A:

  • Communication Services Tax cut,
  • Reducing sales taxes on commercial leases,
  • Back-to-School Sales Tax Holiday,
  • Small Business Saturday Tax Holiday, and
  • Research and Development tax cut.

“This opportunity puts additional money in the pockets of hard working families, but could mean the difference in job creation and business expansion,” said Dennis Grady, President and CEO of the Chamber of Commerce of the Palm Beaches. “Our Florida economy is at its best when the legislature returns tax payer dollars to those who could use it the most.”

House Passes Florida Chamber Tax Cut Priorities

FOR IMMEDIATE RELEASE
CONTACT: Edie Ousley, 850-521-1231 or 850-251-6261
eousley@flchamber.com

 

Targeted Tax Reform Package Will Help
Lower Cost of Living and Doing Business

TALLAHASSEE, FL. (June 5 , 2015) – The Florida Chamber of Commerce today applauds the Florida House of Representatives for their commitment to lowering the cost of living and cost of doing business in Florida by passing a targeted tax reform package.

“We are proud of the work the Florida House has done to pass targeted tax reforms that will put money back in the pockets of Floridians and make Florida even more competitive,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “Today’s victory is a step in the right direction for our state.”

Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms help place money back into the pockets of Florida’s families.

The Florida Chamber commends the Florida House for passing the following targeted tax reforms in HB 33A:

  • Communication Services Tax cut,
  • Reducing sales taxes on commercial leases,
  • Back-to-School Sales Tax Holiday,
  • Small Business Saturday Tax Holiday, and
  • Research and Development tax cut.

“This opportunity puts additional money in the pockets of hard working families, but could mean the difference in job creation and business expansion,” said Dennis Grady, President and CEO of the Chamber of Commerce of the Palm Beaches. “Our Florida economy is at its best when the legislature returns tax payer dollars to those who could use it the most.”

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The Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations, aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.

House Approves Florida Chamber Priorities in House Tax Reform Package

The Florida House Finance and Tax Committee passed a $436 million tax cut package today, which included the following important Florida Chamber priorities:

  • Communication Services Tax cut,
  • Reducing sales taxes on commercial leases,
  • Back-to-School Sales Tax Holiday,
  • Small Business Saturday Tax Holiday, and
  • Research and Development tax cut.

Florida Chamber Executive Vice President David Hart testified before the committee this morning emphasizing the Florida Chamber’s support of the plan and urging lawmakers to consider dedicating more funds to targeted tax reform. In fact, according to a new Florida Chamber poll, 72 percent of voters support a reduction of the Communication Services Tax.

The House tax relief package was approximately $690 million during the Regular Session, but has since been reduced to approximately $436 million because of budget concerns stemming from other issues, such as healthcare reform.

Florida Chamber Executive Vice President David Hart testifies in support of Florida Chamber targeted tax reform priorities at the House Finance and Tax Committee on June 2, 2015.

Today’s passage of the House Finance and Tax Committee’s tax relief package (HB 33-A) is just the first step, however, as the entire House and Senate must ultimately agree on the content and amount of such legislation during the Special Session.

The Florida Chamber is pleased with today’s vote and will continue to advocate for targeted tax reform that puts money back into the pockets for Florida’s small businesses and families. We will share updates and insights on this subject in the near future.

More Targeted Tax Reforms:

Click here to learn more about what the Florida Chamber is doing to make Florida more competitive via targeted tax cuts.

Florida Chamber’s Targeted Tax Reforms Include Communications Service Tax Cut

As Florida lawmakers prepare for the June 1-20 special legislative session to pass a balanced budget, the Florida Chamber of Commerce is encouraging legislators to also lower the cost of living and the cost of doing business through targeted tax reforms.

“Special session has a lot on the table, including the creation of a state budget and the chance for meaningful healthcare reform,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “The Florida Chamber is optimistic that the Florida Legislature can work through these items and still pass targeted tax reforms that will put money back in the pockets of Floridians and make Florida even more competitive.”

Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms helps place money back into the pockets of Florida’s families.

For a more competitive Florida, the Florida Chamber supports the following targeted tax reforms:

  • Communications Service Tax (CST) cut,
  • Reducing sales taxes on commercial leases,
  • Back-to-School Sales Tax Holiday,
  • Small Business Saturday Tax Holiday,
  • Research and Development tax cuts,
  • Defense contracting tax credit.

    “The Florida legislature has the important responsibility of crafting the state budget during the special session, but also has a great opportunity to reduce taxes for Florida’s families and businesses,” said Dennis Grady, President and CEO of the Chamber of Commerce of the Palm Beaches. “This opportunity can not only put additional money in the pockets of hard working families, but could mean the difference in job creation and business expansion. Our Florida economy is at its best when the legislature returns tax payer dollars to those who could use it the most.”

Florida Chamber members and partners look forward to working with lawmakers during the special session to help ensure targeted tax reforms can further help attract and retain jobs.

Take Action Now

How will targeted tax reforms help your business grow? Share your story by emailing me at cjohnson@flchamber.com.

Florida Chamber’s Targeted Tax Reforms Will Lower Cost of Living and Cost of Doing Business

As Florida lawmakers prepare for the June 1-20 special legislative session to pass a balanced budget, the Florida Chamber of Commerce is encouraging legislators to also lower the cost of living and the cost of doing business through targeted tax reforms.

“Special session has a lot on the table, including the creation of a state budget and the chance for meaningful healthcare reform,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “The Florida Chamber is optimistic that the Florida Legislature can work through these items and still pass targeted tax reforms that will put money back in the pockets of Floridians and make Florida even more competitive.”

Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms helps place money back into the pockets of Florida’s families.

For a more competitive Florida, the Florida Chamber supports the following targeted tax reforms:

  • Communications Service Tax (CST) cut,
  • Reducing sales taxes on commercial leases,
  • Back-to-School Sales Tax Holiday,
  • Small Business Saturday Tax Holiday,
  • Research and Development tax cuts,
  • Defense contracting tax credit.

    “The Florida legislature has the important responsibility of crafting the state budget during the special session, but also has a great opportunity to reduce taxes for Florida’s families and businesses,” said Dennis Grady, President and CEO of the Chamber of Commerce of the Palm Beaches. “This opportunity can not only put additional money in the pockets of hard working families, but could mean the difference in job creation and business expansion. Our Florida economy is at its best when the legislature returns tax payer dollars to those who could use it the most.”

Florida Chamber members and partners look forward to working with lawmakers during the special session to help ensure targeted tax reforms can further help attract and retain jobs.

Take Action Now

How will targeted tax reforms help your business grow? Share your story by emailing me at cjohnson@flchamber.com.