Research and Experimental Credit

Research and Experimental Credit means:
a tax credit designed to encourage businesses to increase the amounts they spend on certain research and experimental activities. Generally, the basic research credit is 20% of the amount by which the research expenses for the year exceed a base amount. Any unused credit can be carried back 3 years or forward 15 years as part of the general business credit. The termination date is June 30, 1995. Former IRC (check if this IRC provision is current here) §41.