IRS Grants Tech, Pharma a Tax Break Boost From Trump Deduction

Source: UPI The Internal Revenue Service handed out a hefty tax break to large corporations, ensuring that President Donald Trump’s lucrative research and development deduction doesn’t increase their tax bills under a Biden-era 15% minimum levy. The agency issued interim guidance Wednesday allowing companies to claim a backlog of R&D deductions stretching back to 2022, while minimizing their exposure to the 15% tax Democrats established for large corporations under former President Joe Biden. The new g ...