On December 16, 2014, the Senate approved the House bill extending the R&D tax credit for one year (retroactive for 2014). The President is expected to sign the R&D credit and other extenders into law today. Although the one year extension does not provide companies with planning going forward (into 2015), it was beneficial to at least have the R&D credit bill pass in December for 2014 planning purposes. Many in both the House and Senate lobbied for a longer R&D credit extension or even a permanent R&D tax credit which was introduced in a bill earlier this year. Likely this will be a topic into 2015.
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