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On May 7, 2008, FEI’s Committee on Taxation (COT) joined more than 100 organizations – representing thousands of business, educational, and labor organizations – in a letter to the Chairman and Ranking Member of the U.S. Senate Finance Committee urging the Senate to pass legislation (S. 2886), the Alternative Minimum Tax and Extenders Tax relief Act of 2008, introduced by Senate Finance Chairman Max Baucus (D-MT) and Senate Finance Ranking Member Charles Grassley (R-IA).
The Alternative Minimum Tax and Extenders Tax Relief Act of 2008 would both strengthen and extend the R&D tax credit for two years.
Update:
The R&D Credit was seamlessly renewed and strengthened by Public Law 110-343 signed on October 3, 2008, by President Bush. The 110th Congress passed H.R. 1424, The Emergency Economic Stabilization Act of 2008, which included a retroactive two year extension of the R&D tax credit from January 1, 2008, through December 31, 2009. This Act also included legislative language that strengthened the credit by increasing the Alternative Simplified Credit rate to14% for 2009.
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