Congress Should Make the R&D Tax Credit Permanent

Congress has an opportunity now to permanently extend the research and development (R&D) tax credit, an essential tool for promoting innovation, competitiveness and economic growth. While neither the timing nor the substance of the proposed legislation is perfect, Congress and the president should take action this year. Although it would be preferable to treat this business provision on its own, political realities dictate that Congress should take the best deal that it can and make the credit permanent now.