Legislators push to make R&D tax credit permanent.(Tax Legislation)

At press time, a bipartisan group of legislators was pushing the House of Representatives to extend of the research and development (R&D) tax credit before it expires this month. Earlier this spring, the Senate approved an 18-month extension of the credit by an overwhelming 93-0 vote, and some legislators in both the Senate and the House are hoping to make the credit permanent.

Legislators point to the economic benefits of the tax credit as outlined in a new study completed by Ernst & Young for the R&D Credit Coalition, an organization of professional and trade associations and companies that benefit from the R&D tax credit. Using data from 2000--the most recent data …