FL H0671

Establishes a new research and development tax credit equal to 10 percent of qualified research expenses in Florida that exceed a business enterprise's base amount (4-year average of prior research expenses).

Limits annual credit usage to 50 percent of remaining net income tax liability after other credits are applied, with unused credits eligible for carryforward up to 5 years.

Allows unused credits to be sold or assigned to another business enterprise at no less than 75 percent of the credit's value, subject to department approval.

Caps total annual credits available statewide at $15 million, with applications processed on a first-come, first-served basis beginning March 20 each year.

Applies credit to corporations meeting the definition of target industry businesses, with reduced benefits for newer businesses that did not exist during the entire base period.