Taxpayers may make an annual irrevocable election to claim a reduced research credit and avoid having to reduce their research expense deductions or capital expenditures. (Code Sec. 280C(c)(3)(A)) Under the election, the amount of the research credit is reduced by the product of the research credit computed in the regular manner and the maximum corporate tax rate. The election must be made on an original return filed not later than the extended due date of the election-year’s return. Effective for tax years ending on or after July 27, 2011, the election is made on Form 6765.