Legislators in the US have passed a bill that would extend the R&D tax credit permanently, but ScienceInsider reports that the bill is unlikely to become law this year.
The tax credits for companies investing in research and development were first adopted in 1981 and have been renewed more than a dozen times, though the most recent version expired at the end of last year. This new bill would extend the tax breaks permanently.
The US House of Representatives passed the measure in a 274 to 131 vote — with support from both political parties — but ScienceInsider says there is a veto threat against the bill from the White House as it does not include an offset for the $156 billion it is projected to cost over the next 10 years.
The Senate, ScienceInsider says, is working on its own version of the bill, but it adds that neither version is likely to be adopted before the November elections.