The proposed creation of Rule 12C-1.0196, F.A.C. (Research and Development Tax Credit), provides: (1) the tax credit is available annually for tax years beginning on or after January 1, 2012; (2) that a target industry business must file an application with the Department annually to receive an allocation of the annual funds available for the tax credit; (3) that the Florida corporate income/franchise tax credit must 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/franchise tax return; (5) how to calculate the Florida tax credit and examples of the calculations; (6) that the credit is limited to fifty percent of the Florida corporate income/franchise 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 tax credit. The proposed amendments to Rule 12C-1.051, F.A.C. (Forms), adopt, by reference, the application for target industry businesses to apply for an Allocation for Research and Development Tax Credit for Corporate Income/Franchise Tax (Form F-1196).