FL S0942

Creates a 10% tax credit for qualified research and development expenses incurred in Florida that exceed a business's base amount (average of prior 4 years' expenses)

Limits eligibility to corporations that qualify as "target industry businesses" under Florida law and that also claim the federal R&D tax credit under 26 U.S.C. s. 41

Caps the credit at 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 credits to be sold or assigned to other businesses for at least 75% of the credit value, with prior Department of Revenue approval required

Sets a statewide annual cap of $15 million in total tax credits, with applications accepted starting March 20 each year and granted on a first-come, first-served basis