Industry Groups Praise Proposed R&D Tax Tweaks, Warts and All

Industry groups representing firms impacted by a research-and-development change in the 2017 tax law are praising a legislative proposal that would see the return of full deductibility of R&D expenses—though only for domestic spending, and only for the next two years.

The bipartisan bill, released Tuesday by House Ways and Means Committee Chair Jason Smith (R-Mo.) and Senate Finance Committee Chair Ron Wyden (D-Ore.), is scheduled to be marked up, or debated with an opportunity for members to add amendments, Friday in Ways and Means.

“It’s a step in the right direction to make sure US companies can expense their ...