FL S1184

Creates a 10% tax credit for qualified research and development expenses that exceed a business's average R&D spending from the prior 4 years, available only to corporations qualifying as "target industry businesses"

Limits the credit to 50% of a business's remaining corporate income tax liability after other credits are applied, with unused credits carried forward for up to 5 years

Allows unused tax credits to be sold or assigned to other business enterprises after 1 year, with sales requiring Department of Revenue approval and a minimum exchange value of 75% of the credit's face value

Caps total R&D tax credits granted statewide at $15 million per calendar year, with applications accepted on or after March 20 and processed in the order received

Reduces the maximum credit by 25% for each year a business did not exist during the 4-year base period, effective for tax years beginning January 1, 2011