On Thursday August 2, the Senate Finance Committee approved a tax extenders package including the R&D tax credit, wind energy credit and the AMT patch. This is a positive step towards addressing the R&D credit for 2012 and 2013 and the legislation is expected to move to the Senate floor in September, according to Senate Majority Whip Durbin.
There has been much activity in the tax arena of late to avoid a post-election showdown over the so called fiscal cliff, including a decision on the Bush era tax cuts and other tax impacts that could potentially slow the economy and shut down the government if action is not taken before January 2013.