R&D tax credit
Congress fails to renew for 2008 the now-expired federal research and development tax credit. Ratified in 1981 to encourage domestic innovation, the program has required renewal on average every one to two years and has been allowed to expire more than once. The Pharmaceutical Research and Manufacturers of America has joined a broad industry coalition that will be pushing next year for a retroactive renewal of the program that extends for multiple years and increases the size of the credit that some companies will qualify for, with the ultimate goal of making it permanent...
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