President Barack Obama promised to make the research and development tax credit permanent, as well as the renewable energy production tax credit. He hasn't quite achieved that, but he did sign laws that extended the credits.
As we reported previously, the American Recovery and Reinvestment Act -- better known as the economic stimulus -- extended the energy credit through 2012.
In December 2010, Obama and Senate Republicans negotiated broad tax compromise legislation that extended most of the Bush-era tax cuts another two years. As part of that, the research and development tax credit was extended through the end of 2011.
This falls short of Obama's promise, but it does give him more time to negotiate permanent enactment. We leave the rating at In the Works.
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← Back to Make permanent the Research & Development tax credit
Tax compromise extends tax credits
Our Sources
Thomas, HR 4583
U.S. Senate Finance Committee, S.A.4753: The Reid-McConnell Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
The American Wind Energy Association, fact sheet on the renewable energy production tax credit, accessed Jan. 11, 2011
The White House, Fact Sheet on the Framework Agreement on Middle Class Tax Cuts and Unemployment Insurance, Dec. 7, 2010
The White House, Press Conference by the President, Dec. 7, 2010