Although there has not been much news of action on the numerous expired tax provisions, including the R&D tax credit, Sen. Chuck Grassley (R-Iowa) stated this week that the Senate would wait to move on a $205 billion tax extenders package while President Obama and congressional leadership work on the fiscal cliff legislation. He said he would not push the extenders package right now because it might distract President Obama and House Speaker John Boehner (R-Ohio) from talks on the fiscal cliff. He said averting those deep automatic spending cuts and income tax increases, set to take effect Jan. 1, takes priority over everything.
Warner Robinson will keep our site posted on any news of an R&D credit extension which expired on December 31, 2011 and news on whether it is likely that the lame duck session will address any other expired tax benefits. From this recent statement from Senator Grassley, it is unlikely there will be news of an R&D tax credit extension until a deal is struck on the fiscal cliff tax legislation.