FL H0607

Creates a state research and development tax credit equal to 10 percent of qualified research expenses exceeding a "base amount" (average of prior 4 years' expenses), with a maximum annual cap of $15 million in total credits granted statewide.

Limits eligibility to corporations that are "target industry businesses" as defined in Florida law and have qualified research expenses in Florida that exceed their base amount and claim a federal research credit under 26 U.S.C. § 41.

Caps the credit taken in any single tax year at 50 percent of the business enterprise's remaining net income tax liability after all other credits are applied.

Allows unused credits to be carried forward for up to 5 years following the tax year incurred or sold/assigned to another business enterprise at no less than 75 percent of the credit's value with Department of Revenue approval.

Establishes that applications are filed beginning March 20 each year for the preceding calendar year's expenses, with credits granted in order of application receipt, and lists this credit in the statutory order of corporate tax credit application.