R&D Tax Credit: House Proposes One Year Extension

The research tax credit is set to expire once again. Under current law, the research tax credit is only available for expenses incurred before December 31, 2009. The House Ways and Means committee has released a summary of its Tax Extenders Act of 2009, which proposes to extend several expiring tax provisions, including the research tax credit. If passed, the Act would extend the research tax credit for one more year.