Tax Credit News
News from America
Research and Development Tax Credit Act of 2007
The Section 41 Research Credit was extended late last year for qualified expenses incurred before December 31, 2007. Two new bills currently in Congress would make the credit permanent and would eliminate the historical base period calculation requirements for long-established companies. The bill in the House of Representatives is H.1712, and the one in the Senate is S.41. The two measures are currently before the House Committee for Ways and Means and the Senate Finance Committee, respectively. If enacted, this legislation would reduce uncertainty faced by firms engaged in technological development, allowing them to invest in experimental development without worrying that vital tax credits might evaporate. If you are interested in helping to ensure passage, please call or write to your elected representatives.
News from Canada
CRA Continues Strong Support for SR&ED
As announced during informational sessions sponsored by CRA earlier this year, The Scientific Research and Experimental Development program continues to receive strong support. Claim volumes are up sharply as more and more companies become aware of the program and its benefits. In addition, service times per claim are decreasing for all claim categories. The reduction in claim review time is due in significant part to the dedicated focus brought to bear by the program administrators throughout the country. For help in finding more information, please contact us right now, or call us at 519-252-7797.