The research and development tax credit officially expired at the end of 2013. The Tax Increase Prevention Action of 2014 (TIPA) was passed by Congress on December 16th and signed into law by President Obama on December 19th. The r&d credit was approved retroactive to the beginning of calendar year 2014. Similar to last year, the extension is for one more year and expires on December 31, 2014. This marks the 16th time Congress has extended the R&D credit since it was first created in 1981.