Senate Finance Committee Passes Extenders and Expansion of R&D Credit

Posted by Jeffrey Feingold on 04.08.14

Tax Point Advisors is pleased to announce the Senate Finance Committee has passed legislation extending several tax provisions, including the R&D tax credit, through 2015. These extensions would be effective retroactively to the beginning of 2014 so there would be no gap in benefits.

The Committee agreed to accept a bipartisan amendment that would allow small to mid-sized business owners to claim the R&D tax credit against AMT for 2014 and 2015, similar to the "AMT turn-off rules" for 2010.

The included amendment would also allow start-ups to effectively claim the R&D credit for the first time. A startup company would be able to take up to $250,000 of R&D credits against payroll taxes per year. In order to qualify for the Startup Innovation Credit, a company would need to be less than 5 years old and have less than $5 million in gross receipts.

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