Sample Form F-1196 Allocation for Research and Development Tax Credit for Florida Corporate Income / Franchise Tax - Florida

What Is Form F-1196?

This is a legal form that was released by the Florida Department of Revenue - a government authority operating within Florida. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form F-1196?
A: Form F-1196 is the Allocation for Research and Development Tax Credit for Florida Corporate Income/Franchise Tax.

Q: Who should file Form F-1196?
A: Florida corporations claiming a research and development tax credit should file Form F-1196.

Q: What is the purpose of Form F-1196?
A: The purpose of Form F-1196 is to allocate the research and development tax credit among affiliated corporations.

Q: What is the research and development tax credit?
A: The research and development tax credit is a tax incentive to encourage businesses to invest in research and development activities.

Q: How is the research and development tax credit allocated?
A: The research and development tax credit is allocated among affiliated corporations based on their respective qualified research expenses.

Q: When is Form F-1196 due?
A: Form F-1196 is due on or before the due date of the Florida corporate income/franchise tax return.

Q: Are there any penalties for not filing Form F-1196?
A: Yes, failure to file Form F-1196 may result in penalties and interest.

Q: Can I claim the research and development tax credit if I am not a Florida corporation?
A: No, the research and development tax credit is specifically for Florida corporations.

Q: Is the research and development tax credit refundable?
A: No, the research and development tax credit is non-refundable.

Q: Can I carry forward any unused research and development tax credit?
A: Yes, any unused research and development tax credit can be carried forward for up to five years.

Q: Is there a cap on the research and development tax credit?
A: No, there is no cap on the research and development tax credit.

Q: What documentation do I need to support my research and development tax credit claim?
A: You should maintain adequate records and documentation to support your research and development tax credit claim.

Q: Can I amend my Form F-1196?
A: Yes, you can amend your Form F-1196 within three years from the due date of the original return or within one year from the date the tax was paid, whichever is later.