Senate-passed bill would extend R&E and orphan credits to Dec. 31, 1997.
Executive Summary
R&E AND ORPHAN DRUG TAX CREDITS WOULD BE EXTENDED THROUGH DECEMBER 1997 under an amended version of the small business tax package (HR 3448) passed by the Senate July 9. The new version of the bill adds six months to the tax credit extensions: a version of the bill approved by the Senate Finance Committee June 12 proposed to reinstate both credits from July 1, 1996 until June 30, 1997 ("The Pink Sheet" June 17, T&G-3).