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The Research Tax Credit’s Design and Administration Can Be Improved

The other group of articles is rather empirical in nature and estimate a long-run relationship between the aggregated value of credit and a set of standard macroeconomic factors such as output, prices or interest rates. The main ¯nding of these studies is that for most countries the value of credit tend to increase with GDP and asset prices, and to decrease with the level of interest rates (see Egert et al., 2007 and references therein). While earlier theoretical and empirical studies mostly concentrated on the aggregate level of credit to the private sector or the level of credit supplied to ¯rms, more recent | GAO United States Government Accountability Office_ Report to the Committee on Finance U.S. Senate November 2009 TAX POLICY The Research Tax Credit s Design and Administration Can Be Improved GAO Accountability Integrity Reliability GAO-10-136 November 2009 À GAO Accountability Integrity Reliability Highlights Highlights of GAO-10-136 a report to Committee on Finance U.S. Senate TAX POLICY The Research Tax Credit s Design and Administration Can be Improved Why GAO Did This Study The tax credit for qualified research expenses provides significant subsidies to encourage business investment in research intended to foster innovation and promote long-term economic growth. Generally the credit provides a subsidy for research spending in excess of a base amount but concerns have been raised about its design and administrability. GAO was asked to describe the credit s use determine whether it could be redesigned to improve the incentive to do new research and assess whether recordkeeping and other compliance costs could be reduced. GAO analyzed alternative credit designs using a panel of corporate tax returns and assessed administrability by interviewing IRS and taxpayer representatives. What GAO Found Large corporations have dominated the use of the research credit with 549 corporations with receipts of 1 billion or more claiming over half of the 6 billion of net credit in 2005 the latest year available . In 2005 the credit reduced the after-tax price of additional qualified research by an estimated 6.4 to 7.3 percent. This percentage measures the incentive intended to stimulate additional research. The incentive to do new research the marginal incentive provided by the credit could be improved. Based on analysis of historical data and simulations using the corporate panel GAO identified significant disparities in the incentives provided to different taxpayers with some taxpayers receiving no credit and others eligible for credits up to 13 percent of their incremental .