[IMGCAP(1)]While both houses of Congress have addressed the passage of tax extender legislation, it is unlikely that anything will come of their efforts until after the midterm elections. One of the expired provisions that haven’t yet been extended is the R&D, or research, credit. If any provisions do get extended, this is one that will be in whatever package makes it to the President’s desk for his signature.
Yet, that is only half the battle, when it comes to realizing its potential to spur innovation among the small and midsize businesses that need it most, according to Ben Kaplan, tax director at McGladrey LLP’s Baltimore office.
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