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Last Week

The House passed legislation permanently extending the R&D tax credit. Created in 1981, the credit has historically been renewed each year, but is currently expired. According to supporters, the House bill would establish a permanent tax credit that allows for: (1) 20% of the qualified or basic research expenses that exceed 50% of the average qualified or basic research expenses for the three preceding taxable years, and (2) 20% of amounts paid to an energy research consortium for energy research. It would reduce such credit rate to 10% if a taxpayer has no qualified research expenses in any one of the three preceding taxable years. In addition, the House voted to create a select committee to investigate the events surrounding the 2012 attacks in Benghazi, as well as legislation reforming charter schools. The Senate debated, but failed to advance, legislation addressing energy efficiency. According to reports (see below), the Senate Majority Leader limited Republicans amendments and was insistent that the energy efficiency bill pass before a vote on the Keystone pipeline could occur. more

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