Thank Representative Clemons for Looking Out for Small Businesses
Please join the Florida Chamber in thanking Representative Chuck Clemons for standing up for Florida businesses, protecting job creators and consumers, and taking steps to build the perfect climate for business in Florida.
Representative Clemons has filed a bill to level the playing field between main street local businesses and their online counterparts. Passage of HB 159 will help stop the current six percent disadvantage small businesses face compared to online businesses.
CLICK TO THANK REPRESENTATIVE CLEMONS.
Sales tax on goods and services is already required by both brick and mortar stores as well as online stores. Passage of HB 159 is not a tax increase. In fact, 43 of 45 states have streamlined the sales tax remittance process making it easier for online retailers to remit sales taxes. Thank you Representative Clemons for standing up for main street businesses.
Research & Development Tax Credit Bill Passes Senate Commerce and Tourism Committee
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.
Students and Schools Win with Tax Credit Program
At the Florida Chamber, we believe Florida wins when families have more educational options, which is one reason we have supported programs like Florida’s Tax Credit Scholarship Program, which empowers parents, provides students with quality learning opportunities and helps our state succeed.
The Florida Tax Credit Scholarship Program allows businesses to help organizations like Step Up For Students provide scholarships for K-12 students from low-income families to attend high-quality private schools, helping to break generational poverty by providing students with exponentially greater educational opportunities for success. Yet, in 2014, the Florida teachers union and the state chapter of the NAACP filed legal challenges to the scholarship program. The Florida Chamber stood for parents and students then, and we continue to do so today. We are proud of the recent decision to strike down yet another challenge to this helpful program.
“The First District Court of Appeals upheld the circuit court ruling that the teachers’ union and NAACP have no legal standing to challenge Florida’s tax credit scholarship program,” said Pastor Mark Coates, a member of the Save Our Scholarships Coalition. “This program now serves over 90,000 mostly minority children with household incomes of $24,000 per year. A strong coalition of over 200 African American and Latino ministers has denounced the suit, and in January over 10,000 people came to Tallahassee to join MLK III to do the same. We hope the union drops the suit.”
The Florida Chamber will continue to fight for parents and students in order to ensure each child has a chance to succeed. You can read more about the Florida Chamber’s efforts by clicking here.
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.
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 email@example.com.