R&D Tax Credit Extended
As you may have seen in recent news accounts, President Obama signed the tax compromise package into law last week.
This action is significant for our industry. In addition to a 2-year extension of the Bush tax rates for individuals, the bill includes a 2 year retroactive extension of the R&D tax credit from January 1, 2010, through 2011.
This bill represents the 14th time the Credit has been renewed since originally enacted into law in 1981. The Alternative Simplified Credit (ASC) rate remains at 14% for 2010 and 2011. The bill also includes a range of other corporate tax extender items.