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Make the R&D Tax Credit Permanent
Yesterday, House Ways and Means Committee Chairman Charles B. Rangel (D-NY) introduced H.R. 6049, the Energy and Tax Extenders Act of 2008. The bill is chock-full of extensions for tax credits and deductions that expired last year or would expire at the end of this year. The bill would also renew the Research and Development Tax Credit for the 13th time since its inception in 1981, as well as introduce multi-year extensions to tax credits for renewable energy companies and producers. But extending the R&D tax credit for one more year is insufficient. As Science Progress advisor Tom Kalil points out, making the R&D tax credit permanent will help foster long-term investment in R&D because investors will not have to worry about its future from year to year. The House Ways and Means Committee will consider the bill today.
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