Emergency Rule 12CER13-07, F.A.C. (Research and Development Tax Credit), provides 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 emergency rule provides: (1) that the credit is available annually for tax years beginning on or after January 1, 2012; (2) that target industry businesses may apply for the tax credit for tax years that begin in 2013 beginning on or after March 20, 2014; (3) that the Florida corporate income/franchise 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/franchise 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 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 Florida research and development tax credit.