S. 2884, The Research and Development Tax Credit Improvement Act of 2008

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2884 would amend the Internal Revenue Code of 1986 to provide incentives to improve America's research competitiveness.

Detailed Summary

Research and Development Tax Credit Improvement Act of 2008 - Amends the Internal Revenue Code to revise the tax credit for increasing research activities by: (1) phasing in increases in the alternative simplified tax credit rate through 2009; (2) establishing a 20% alternative simplified tax credit rate in 2010 in lieu of the standard research tax credit rate; (3) increasing the amount of basic and contract research expenses eligible for such tax credit; and (4) extending such credit through 2012.

Status of the Legislation

Latest Major Action: 4/17/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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