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SENSENBRENNER CALLS FOR PERMANENT R&D TAX CREDIT
U.S. House Science Committee Chairman, James Sensenbrenner (R-WI) has introduced H.R. 760, a bill to make the national research and development tax credit permanent. Ranking Minority Member George Brown (D-CA) has agreed to cosponsor the legislation.
Proponents of the bill say making the credit permanent would remove uncertainty and disincentives for companies in pursuing longer-term research projects.
The R&D tax credit is slated to expire June 30, 1999. The President’s FY 2000 budget request extends the credit for one more year until June 30, 2000. Since it was first enacted in 1981, the tax credit has been extended eight times and modified five times.