Treasury Wants New R&D Tax Breaks, Still Unsure What They’ll Be

The Treasury Department’s “Green Book” has filled in plenty of new details about President Joe Biden’s tax plans, but has little information about one of his key proposals—new tax incentives for research and development to replace a foreign export tax break.

The lack of details underscores the uncertainty about where R&D tax breaks are headed. Biden wants to replace a current R&D tax incentive—called foreign-derived intangible income or FDII—with other, more directed research tax incentives.

A Treasury official admitted in a conference call with reporters Friday that the administration hadn’t been specific on the matter, and said it wants to ...