Florida—Corporate Income Tax: Guidance on Internship Tax Credit Program Issued
Feb. 28, 2022
For corporate income tax purposes, the Florida Department of Revenue published a tax information publication on the Florida internship tax credit program.
For taxable years beginning during the 2022 and 2023 calendar year, a student internship tax credit is available. The program allows credit for up to five student interns per taxable year, per corporation. The credit amount is $2,000 per student intern. A total of $2.5 million in credits are available for each of the two years.
Eligibility for “qualified business”
To be eligible to request a tax credit, a corporation must be a qualified business. A qualified business is a corporation that is currently in existence and has been continuously operating for at least three years employing at least one qualified student intern in the 2022 or 2023 taxable year full time (at least 30 hours per week) for at least nine consecutive weeks; and
- 20% or more of its full-time employees were previously employed by the business as student interns, or
- have employed 10 or fewer full-time employees on average for the three immediately preceding taxable years and have previously hired at least one student intern.
Eligibility for qualified “student intern”
A qualified student intern is a person who:
- has completed at least 60 credit hours at a state university or a Florida College System institution, regardless of whether the student intern receives course credit for the internship; or
- is enrolled in a career center operated by a Florida school district or a charter technical career center; or
- is enrolled as a graduate student at a state university in Florida.
Florida Department of Revenue, January 4, 2022, ¶206-544
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