The State of Florida allows a qualified “business enterprise” to claim a state R&D credit of 10% for qualified research expenses (“QREs”) incurred in Florida (2012 Florida Statute §220.196). The R&D Tax Credit for Florida is available annually for tax years beginning on or after January 1, 2012, and is based upon qualified research expenses in Florida allowed under the Internal Revenue Code. To receive a Florida research and development tax credit, the corporation must claim and be allowed a research credit for the taxable year against federal income tax. Eligible corporations are engaged in one of the target industries identified by the Department of Economic Opportunity in consultation with Enterprise Florida. Applications may be filed with the State of Florida on or after March 20th for the QREs incurred in the preceding calendar year.
WARNING: The combined total amount of tax credits which may be granted to all business enterprises under s. 220.196, Florida Statutes (F.S.), during any calendar year is $9,000,000, and is granted on a first come first serve basis. This makes it extremely important to file as soon as possible before the limit is reached.
Tax Point Advisors Leadership in Florida
Tax Point Advisors was founded in Walpole, Massachusetts, by Jeffrey Feingold who is currently a managing partner and majority shareholder. He spends most of his time between the Boston and New York offices, but he also works with CPAs and their clients in the Florida office. He currently manages the Florida office. Over the past eight years, Mr. Feingold has worked with hundreds of companies across the country in assisting them to successfully claim over $100m in state and federal research and development tax credits.
Tax Point Advisors Approach
At Tax Point Advisors, it’s more than just filling out the tax forms. Our approach is to maximize your credits while keeping our audit rate very low. That is why we are the nation’s foremost provider of Research and Development Tax Credit studies. Our industry-leading audit success speaks for itself. We have never had a client’s claim denied under audit.
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