Lawmakers Seek R&D; Tax Credit Extension
California has nearly a quarter of the nation’s research and development activity, according to a study released by Rep. Robert T. Matsui and other lawmakers who want Congress to extend the tax credit for such activity.
California companies engaged in 23% of research and development activity nationwide in 2000, measured by dollars spent, while Michigan was second with 10%, according to a new study conducted by accounting firm Ernst & Young for the R&D; Credit Coalition.
The study was released by Matsui (D-Sacramento) and Rep. Nancy L. Johnson (R-Conn.), who have introduced legislation that would make the existing research and development tax credit permanent. It is set to expire June 30.
From Associated Press
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* California Controller Steve Westly said the state collected $838 million during an amnesty that let individual and corporate tax filers amend their returns and report abusive tax shelters before increased penalties took effect. The state had anticipated that it would collect only $90 million during the amnesty, which began the first of the year and ended April 15.
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