Florida Chamber: Raise the State R&D Tax Credit Cap

The Florida Chamber of Commerce went to bat on Thursday for legislation to expand the state’s Research and Development (R&D) Tax Credit cap.

The Florida Chamber showcased its support for bills from Florida Sen. Jeff Brandes, R-St. Petersburg, and state Rep. Ed Narain, D-Tampa, to raise the R&D Tax Credit cap--which the Florida Chamber noted fills up quickly as its “currently exceeded within 10 minutes of the open online application period”--to $23 million. 

David Hart, the executive vice president of the Florida Chamber, made the case for expanding the cap. 

“Florida’s innovation economy is growing and the R&D Tax Credit is an important tool to enhance our competitiveness,” Hart said.  “Increasing the cap on the R&D Tax Credit is imperative if we wish to continue to attract and retain these industries completing research and providing high-wage, high-skill jobs. I applaud the continued efforts of Sen. Brandes and Rep. Narain to drive innovation in Florida, and thank them for their partnership with the Florida Chamber to increase the R&D Tax Credit.”