In an effort to increase innovation and hopefully keep and increase jobs here in the US, President Obama has included the cost of making the R&D (R&E) Tax Credit permanent in his budget proposal for Fiscal Year 2010.
Currently the credit needs to be approved every year. In fact in late October 2008, the R&D Tax Credit was approved retroactively for 2008 and extended through 2009 as part of the Emergency Economic Stabilization Act of 2008.
If the credit becomes permanent, it will help companies in budgeting and planning their employee levels from year to year knowing that the credit will be available for the coming year.
The 2010 budget needs to be approved by April 15 so our hope is that it will be passed and include making the R&D Tax Credit permanent.
