The first day to submit applications for the new Florida Research Credit is March 20, 2013. Applications will be reviewed by the state on a first-come, first-served basis, so timely filing is important. Emergency Rule 12CER13-02, F.A.C., provides procedures for a target industry business that is allowed and claims a tax credit against federal corporate income tax for qualified research expenses to claim a Florida research and development tax credit against corporate income tax, as provided in Section220.196, F.S. The emergency rule provides: (1) that the credit is available annually for tax years beginning on or after January 1, 2012; (2) beginning March 20 of each year, a target industry business must file an Allocation for Research and Development Tax Credit for Corporate Income Tax with the Department; (3) that the Florida corporate income tax credit is to be taken in the same tax year as the federal credit for increasing research activities is taken; (4) that a business taking the tax credit must provide a copy of the federal forms regarding the related federal tax credit with the business’ Florida corporate income tax return; (5) for the calculation of the Florida tax credit and examples of the calculations required; (6) that the credit is limited to fifty percent of the Florida income tax liability after all other tax credits are applied; (7) that any unused credit may be carried forward up to five tax years; and (8) the recordkeeping requirements for those businesses taking the Florida research and development tax credit.