Senators Ask IRS To Issue Guidance On R&D Tax Credit

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Law360, New York (July 20, 2016, 8:15 PM EDT) — A trio of senators on Tuesday asked the Internal Revenue Service and the U.S. Department of the Treasury to “use common sense” in administering new provisions of a law that expands access to a research and development tax credit to startups and small businesses.

In a letter to IRS and Treasury officials, U.S. Senators Chris Coons, D-Del., Pat Roberts, R-Kan., and Chuck Schumer, D-N.Y., called on the IRS to “carefully issue” guidance to ensure the smooth and effective implementation of so-called R&D credits for startup companies…

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