A bipartisan bill to restore the research and development tax break, a major priority of the business community, is being reintroduced Tuesday in the House.
Sponsored by House Ways and Means Committee members Reps. Ron Estes (R-Kansas) and John Larson (D-Conn.), the legislation would allow businesses to permanently deduct their R&D costs the same year they’re incurred. It reverses a provision in the 2017 tax law that amended the tax code under Section 174 requiring businesses to amortize their research costs over a period of five years starting in 2022.
The effort has nearly 60 cosponsors, including Reps. Darin LaHood ...
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