As part of the “fiscal cliff” legislation passed in January, the federal Research Credit was extended through December 31, 2013. The bill also extended several other expiring provisions of the tax code. This is the 15th time that the Research and Development tax credit has been renewed since its inception in 1981.
President Barack Obama has stated that he wants to make the Research and Development tax credit permanent to allow firms to feel confident when making decisions to invest in domestic R&D in longer term planning. If successful, this proposed legislation would reduce uncertainty faced by firms engaged in technological development, allowing them to invest in experimentation without worrying that vital funding might evaporate. If you are interested in helping to ensure passage of this provision, please call or write to your elected representatives.
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