Research and Development Credit Expired

January 28, 2014

Waiting on Congress - Research and Development Credit Expired 

The Research and Development Tax Credit has expired as of December 31, 2013 and will not be available in tax year 2014 unless Congress acts to extend the research credit. Although there is a likelihood Congress will extended the research credit, companies, shareholders, and investors should consider the impact of higher taxes and the impact on financial statement reporting if the credit is not extended.

On December 12, 2013, the Igniting American Research Act (H.R. 3757) was introduced in the House of Representatives by Mr. Scott Peters (D-Calif.). This bill, which has been referred to the House Committee on Ways and Means for consideration, includes the extension of the regular research credit for one year and legislation to increase and make the alternative simplified research credit permanent.

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Written by Daniel Waszkiewicz and Bryanna Fredericks.