U.S. Senate introduces bill to address Sec. 174 R&E expensing

The U.S. Senate introduced legislation, S.866, on March 16 to enhance tax benefits for research activities.  The bill was referred to the Senate Finance Committee.  

Members of the Ohio Society of CPAs are encouraged to use our “take action” page to write their federal legislators and request action on the treatment of Section 174 research and experimental expenditures, as well as numerous expired tax provisions.    

Please request Ohio’s Congressional members to consider (1) deferring the Internal Revenue Code (IRC) Section 174 amortization requirement on research and experimental expenditures, and (2) extending retroactively the effective date to amounts paid or incurred in tax years beginning after December 31, 2025.  

The email also asks for a commitment to address the other tax provisions that have recently expired or will expire in 2023.  

Our “take action” page is now available here for members to use.  The email template is just a default, so members are encouraged to personalize their message or make any changes before sending.   

For more information, this AICPA letter was also recently written on these topics.