FPA Signs Coalition Letter Urging the U.S. Department of the Treasury to Reform the Compliance Processes, Audit Procedures, and Regulations That Undermine the Value and Impact of the Sec. 41 Research Tax Credit

On behalf of the nation’s manufacturing industry and the 13 million people who make things in America, the undersigned manufacturing associations urge the Department of the Treasury to reform the compliance processes, audit procedures, and regulations that undermine the value and impact of the Sec. 41 Research Tax Credit. The Trump Administration and Congress have already taken a series of critical steps to support research investment in the tax code by restoring immediate research expensing in H.R. 1, modifying CAMT guidance to maximize the impact of immediate research expensing, and delivering a Side-by-Side agreement on Pillar Two that protects the U.S. R&D tax credit from extraterritorial taxes. The Administration now has a significant opportunity to continue its momentum in implementing pro-innovation policy by reassessing research credit compliance processes and regulations.