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Treasury Seeks to Expand Research Tax Benefits

1 min read

TaxFormThe Treasury Department wants to grow the number of businesses activities eligible for research tax breaks and apply some credits for production and supply costs, Reuters reported Thursday.

Patrick Temple-West writes the proposed policy changes are intended to reduce the number of legal cases brought against the Internal Revenue Service by companies seeking the benefits.

The IRS has scheduled a hearing in January to discuss public feedback on the matter, Temple-West reports.

Patricia Sweeney, a Miller & Chevalier tax lawyer, told Reuters she believes the changes would eliminate a large area of dispute.

Wine producers could be entitled to experimental research tax benefits for production costs spent to test different methods of crushing wine grapes, Reuters reports.

Future tax filings would be subject to the new rules if they are finalized and approved.

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