R&D tax credit extension passes House
December 10, 2009 by Valerie HelmbreckPosted in: Budgets and spending, IT employment, IT projects, In this week's e-newsletter, Latest News & Views
A bill extending a $7 billion tax credit for research and development has passed the House of Representatives, but its future in the Senate is uncertain.
Passage by the House was good news to many companies that count on the tax credit to fuel their R&D efforts — among them many high-tech firms that have lobbied heavily for the extension.
The credit’s set to expire at the end of this month unless Congress passes yet another in a long line of extensions that extend back as far as the credit itself — to 1961.
Supporters cite the scores of high-paying research jobs that would be at stake if the credit is allowed to lapse.
Republicans in the House complain that the Tax Extenders Act pays for the package of tax breaks through a permanent tax increase of $24.6 billion on capital investment.
Capital investment good? Research jobs, bad?
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Tags: congress, extension, research & development, tax credit
