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Business/Financial

House Approves Tax Bill That Temporarily Restores R&D Tax Credit

By Cal Biesecker

Thursday, February 1st, 2024

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House Approves Tax Bill That Temporarily Restores R&D Tax Credit

The House on Wednesday approved a bipartisan tax relief bill that includes a provision restoring the research and development (R&D) tax credit that defense contractors say provides them with an incentive to invest in innovation and technology. The tax credit had expired on Jan. 1, 2022, and the Tax Relief for American Families and Workers Act (H.R. 7024) would retroactively restore the R&D provision to when it expired, and extend it through 2025. If the bill is ultimately approved, businesses…

Congress

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Budget

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Congress

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