Tax credit extended by one year

The House today extended the R&D tax credit by one year.

Companies and trade groups had been pushing for the credit to be extended indefinitely, or at least for a longer period of time (see previous post).

TechAmerica President Phil Bond said Congress should take "bolder action."

"The long looming expiration has already undermined the ability to innovate at the many companies that have completed their fiscal year," he said in a statement. "With a one-year extension, companies across the economy face the prospect of repeated uncertainty next year."