FL – Guidance on credit for human milk fortifier manufacturing equipment issued

Florida issued guidance regarding a corporate income tax credit for manufacturing equipment purchased for the production of human breast milk derived human milk fortifiers in the state. The credit equals up to 50% of the cost of equipment purchased for use in the production of human breast milk derived human milk fortifiers. A total tax credit of $5 million is available for fiscal years 2023-24 and 2024-25.

An application for the tax credit must be submitted to the Florida Department of Revenue (department) and approved by the department prior to a taxpayer taking the credit on their state income tax return (Form F-1120).

The following documentation must be submitted with the application to substantiate the credit claim:

the Florida address where the equipment is installed or is being installed;

invoices for the qualifying manufacturing equipment purchased and any other documentation/information; and

a list of the specific products manufactured with the qualifying manufacturing equipment.

Any unused credits may be carried forward for a period of five tax years. Tax Information Publication, No. 23C01-03, Florida Department of Revenue, July 14, 2023, released September 2023