Section 17, Chapter 2011-76, Laws of Florida, provides for the administration of the Florida research and development tax credit available to target industry businesses that claim and are allowed a federal credit under section 41 of the Internal Revenue Code for tax years beginning on or after January 1, 2012, as provided in section 220.196, F.S. The purpose of the proposed creation of Rule 12C-1.0196, F.A.C. (Research and Development Tax Credit), is to adopt procedures for a target industry business that claims a valid tax credit against federal corporate income tax for qualified research expenses to claim a Florida research and development tax credit against Florida corporate income/franchise tax, as provided in Section 220.196, F.S. The purpose of the proposed amendments to Rule 12C-1.051, F.A.C. (Forms), is to 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).