Research Tax Credit Extended Until 2011

The 2010 Tax Relief Act extended the research tax credit, which includes the basic and energy consortium research tax credit, for two years. The research credit was extended retroactively for 2010; thus, expenses incurred for research and experimentation in 2010 qualify for the credit. Taxpayers who have already filed tax returns for tax year 2010 may need to file amended tax returns to claim research tax credits for 2010.