For those of you effected, you know that the “Research Credit” (also know and the R&D Credit or Research & Development Credit) expired at the end of 2011.
The 2012 Taxpayer Relief Act retroactively extends the research credit for two years so that it applies for amounts paid or accrued before Jan. 1, 2014.
For tax years beginning after Dec. 31, 2011, the 2012 Taxpayer Relief Act liberalizes the research credit rules for anyone that acquire the major portion of either a trade or business or a separate unit of a trade or business. This allows the acquiring business or individual to obtain a R&D Credit for the efforts of the business being acquired.
If you have any questions or need any additional information related to the Research Credit or any other provisions of the new law, please do not hesitate to contact us.