Advocacy Update: Research and Development Tax Credit

As many of you may know, last week the President signed the tax compromise package into law. 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 This bill represents the 14th time the Credit has been renewed since originally enacted into law in 1981.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. A link to a detailed description of the legislation by the Joint Tax Committee is below.

http://www.jct.gov/publications.html?func=startdown&id=3716

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