Restoring Immediate Tax Deduction for Research and Experimental Expenditures
This bill amends the Internal Revenue Code of 1986 to restore the deduction for research and experimental expenditures, allowing taxpayers to treat them as expenses not chargeable to capital account. This change permits the deduction of these costs in the taxable year they are paid or incurred. The amendments apply retroactively to taxable years beginning after December 31, 2021.
Key points
Taxpayers may treat research or experimental expenditures as deductible expenses in the year incurred rather than capitalizing them.
The bill also allows an election to amortize these expenditures ratably over a period of not less than 60 months.
The amendments are retroactive, applying to taxable years beginning after December 31, 2021.
Status:
Introduced
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