From The National Center for Policy Analysis:
by Pamela Villarreal, Brian Bodine
National Center for Policy Analysis
February 28, 2012
Brief Analysis
In December 2010, Congress extended the research and development tax credit through tax year 2011, but it has since lapsed and has not yet been renewed for 2012. The tax credit was first enacted in 1981 in an effort to improve the international competitiveness of American businesses by encouraging innovation and new technology. Concerned about the budgetary impact of lost tax revenue, Congress never made the credit permanent—though it has renewed it 14 times. This creates year-to-year uncertainty for firms that wish to plan for the long term.
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