Vote Smart's Synopsis:

Vote to pass a bill that repeals the termination date of the research tax credit.

Highlights:

• Extends the tax credit for business research past December 31, 2013 (Sec. 2).

• Restructures the research credit for a taxable year to be the sum of the following (Sec. 2):
• 20 percent of the qualified research expenses that exceed 50 percent of the average qualified research expenses for the 3 preceding taxable years;
• 20 percent of the basic research payments that exceed 50 percent of the average basic research payments for the 3 preceding taxable years; and
• 20 percent of the amounts paid or incurred for the trade or business to an energy research consortium for energy research.

• Establishes a tax credit rate of 10 percent for an individual who has no qualified research expenses in any 1 of the 3 preceding taxable years (Sec. 2).

Full Bill Text

Full Bill Text