R&D tax credit
This article was originally published in The Gray Sheet
Executive Summary
Sens. John Danforth (R-Mo.) and Max Baucus (D-Mont.) introduce legislation March 26 that would make permanent the tax credit for research and development, which expired in June 1992. The bill (S 666) would allow companies to update their base period from the current 1984-88 for the purpose of calculating the credit, and to offset a portion of their alternative minimum tax liability with the credit. In addition, the measure would provide a flat-rate credit for certain companies.