The US House of Representatives has passed legislation that would simplify and strengthen the research and development tax credit and has included the provision in the US tax code. Companies conducting their development programs will be able to better estimate their tax liability and will not be burdened by uncertainty regarding whether or not the R&D Tax Credit will be extended. The R&D credit has been temporary since 1981.
Related Posts
US: Trump Administration unveils plan to reduce trade deficit
February 18, 2025
The Trump Administration has released a memorandum introducing the "Fair and Reciprocal Plan," aimed at reducing the trade deficit and promoting fairness in international trade on 13 February 2025. The letter states that for many years, the
Read More
US: IRS updates practice units on partnership issues
February 13, 2025
The US Internal Revenue Service (IRS) has released updated practice units addressing specific issues related to partnerships. As part of the Large Business and International (LB&I) Division’s knowledge management efforts, practice units are
Read More US: IRS updates tax rules for partial building dispositions
February 12, 2025
The US Internal Revenue Service (IRS) has updated its practice units on 16 January 2025 to better identify and examine taxpayers who elect partial dispositions of buildings. Identifying a Taxpayer Electing a Partial Disposition of a
Read More
US: FinCEN updates beneficial ownership information reporting rules
February 10, 2025
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update on beneficial ownership information (BOI) reporting requirements on its BOI webpage. The alert states that the Justice Department, on behalf of the
Read More US Congress revives bill to end tax incentives for outsourcing
February 07, 2025
US Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX) reintroduced the No Tax Breaks for Outsourcing Act on 5 February 2025. First introduced in 2018, this legislation would end tax incentives created during the first Trump
Read More US: North Carolina extends corporate tax deadline to 7 months starting 2025
February 06, 2025
The North Carolina Department of Revenue (NCDOR) released a notice on 29 January 2025, announcing that it has revised the filing deadline for franchise and corporate income tax returns. As per the notice, for tax years beginning on or after 1
Read More