Attracting high-paying jobs and ramping up global competitiveness is a priority for the Florida Chamber of Commerce, which is why the chamber is supporting recently introduced legislation calling for a permanent increase of the state’s Research and Development (R&D) Tax Credit.
If passed, the bills, filed by Sen. Jeff Brandes (R- St Petersburg) and Rep. Ed Narain (D- Tampa), would increase the current $9 million R&D Tax Credit cap to $23 million.
With the current cap currently being exceeded within 10 minutes of the open online application period, the bills address the need to modify the R&D Tax Credit, allowing credits to be pro-rated rather than being awarded on a first-come first-serve basis -- and avoiding Florida’s losing potential new business and new job creation, chamber representatives said.
Created in 2011 and implemented through the Department of Revenue, Florida’s R&D Tax Credit is available to companies with qualified research expenses in the state and which belong to a targeted industry as determined by factors such as job creation capacity.
“Florida’s innovation economy is growing and the R&D Tax Credit is an important tool to enhance our competitiveness,” David Hart, Florida Chamber executive vice president, said. “Increasing the cap on the R&D Tax Credit is imperative if we wish to continue to attract and retain these industries completing research and providing high-wage, high-skill jobs. I applaud the continued efforts of Sen. Brandes and Rep. Narain to drive innovation in Florida, and thank them for their partnership with the Florida Chamber to increase the R&D Tax Credit.”
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