Tag Archive for Research & Experimentation Tax Credit

The House of Representatives Votes To Make Permanent The Research & Experimentation Tax Credit

On Wednesday, May 20th The House of Representatives passed H.R. 880 entitled the “American Research and Competitiveness Act of 2015” by a vote of 274-145 and H.R. 1806 entitled the “America Competes Reauthorization Act” by a vote of 217-205. The legislation would make permanent the Research and Experimentation Tax Credit and authorize approximately $33 billion in funding for federal scientific research and research grants between fiscal years 2016 through 2020. This funding would be divided amongst the National Science Foundation; the Office of Science and Technology Policy; the National Institute of Standards and Technology; along with select offices at the U.S. Department of Energy. While the bill does not lift the existing funding level for the agencies, it will nonetheless help to promote “fundamental discovery science” by Read More

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House Ways And Means Committee Approves Permanent Extension of Research & Experimentation Tax Credit Amongst Other Expired Business Tax Provisions

On April 29th, The House Ways and Means Committee approved six separate bills to permanently extend certain expired business tax provisions. These bills specifically address the research and experimentation tax credit (H.R. 4438); ‘look-through’ treatment for controlled foreign corporations (CFCs) (H.R. 4464); the subpart F exceptions for active financing income (H.R. 4429); increased section 179 ‘small business’ expensing limits (H.R. 4457); a reduced recognition period for S corporation built-in gains (H.R. 4453); and basis adjustments to stock of S corporations making charitable contributions of property (H.R. 4454).

These permanent ‘tax extender’ bills, approved by the Ways and Means Committee without revenue offsets, are estimated by Joint Committee on Taxation (JCT) staff to reduce federal Read More

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