Manufacturers Hope for R&D Tax Break in Next Relief Bill
U.S. manufacturers are pushing lawmakers to reverse a provision in the 2017 tax law that will force companies to write down research and development expenditures starting in 2022. Businesses and experts are concerned that if the policy is not reversed soon, U.S. competitiveness in manufacturing will be further diminished, as tax incentives to keep factories stateside weaken. The fears are heightened now, as the coronavirus pandemic continues to pummel the U.S. economy. Read more to better understand the steps that are being taken to preserve this valuable provision of the tax code.
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