Congress Allows Research Tax Credit to Expire Again
Congress has allowed the research and development tax credit to expire, even though it appeared initially that lawmakers were set to renew it before recessing for the holidays.
"It was a huge disappointment and thats a fairly vast understatement," said Bartlett Cleland, senior director of tax policy for the ITAA (Information Technology Association of America). "Weve been in this situation before where Congress retroactively [approves the R&D extension] and shoots the heck out of tax planning. This really mucks things up."