Companies are asking lawmakers to repeal a change in the tax code that requires businesses to spread their research-and-development costs over five years rather than deduct them immediately.
In a letter dated Nov. 4, 178 chief financial officers, primarily from large U.S. companies, including Ford Motor Co. , Raytheon Technologies Corp. , Lockheed Martin Corp. and Boeing Co. , said the new rules create a competitive disadvantage for American companies and will lead to job losses and thwart innovation.
They are asking Congress to move back to immediate deductibility before the end of the year. For decades, businesses were allowed to deduct certain R&D expenses straight away to reduce their taxable income.
U.S. CFOs Ask Congress to Repeal Change to R&D Tax Rules
- by: Jennifer Williams-Alvarez
- 11-07-2022
- Source:
The Wall Street Journal
- 11/08/2022
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