House Passes Legislation To Permanently Extend R&D Credit

House passage of legislation to permanently extend the tax credit for research and development should benefit companies big and small, providing increased certainty and broader eligibility, backers said.

A large swath of House members agreed, as lawmakers from both parties voted 274-145 on May 20 to approve the popular perk. The credit, in Section 41 of the U.S. tax code, has been a temporary benefit since 1981, requiring renewal every year or two, an up-and-down rhythm that hurts business planning, said supporters of the bill (H.R. 880).

Thirty-seven Democrats voted for the bill. One Republican, Rep. Walter B. Jones (R-N.C.) ...