Washington D.C.- Senate Finance Committee Chairman MaxBaucus, D-Mont., and Senator Orrin Hatch, R-Utah, have introduced legislationto improve and simplify the research and development tax credit.
Under the bill, S. 1203, (Grow Research OpportunitiesWith Taxcredits' Help Act) the current credit would expire in 2010 and would bereplaced with a permanent credit.The tax credit rate for the alternative simplified credit would increasefrom 14 percent to 20 percent.
"Much of our economic vitality comes from theinnovation, research, and intellectual property stemming from this taxcredit," said Baucus."Our bill would make it easier to access the benefit, making thecredit work even more effectively and continue to lead the way to newtechnologies, domestic job growth, and, ultimately, a stronger U.S.economy."
Additional co-sponsors are Sens. John Kerry, D-Mass.,Blanche Lincoln, D-Ark., Ron Wyden, D-Ore., Chuck Schumer, D-N.Y., MariaCantwell, D-Wash., John Ensign, R-Nev., Robert Menendez, D-N.J., and JohnCornyn, R-Texas.
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