The R&D Tax Credit in the New Economy
2nd Annual Tax Policy & Practice Symposium
February 15 - 16, 2001
The Ritz-Carlton Hotel, Washington DC
Program Managers: PricewaterhouseCoopers LLP and Miller & Chevalier
|12:30PM - 1:00PM||
|1:00PM - 1:15PM||
Welcoming Remarks and Recognition of Tax Council Policy Institute Symposium
Mission; Overview of Symposium
|1:15PM - 3:00PM||
Economic Perspectives on the R&D Tax Credit
This session will provide a discussion of the rationale for direct spending programs and tax incentives, as well as the impact of reduced government R&D spending. A comparison of government support of R&D spending in other countries will be explored.
|3:15PM - 5:00PM||
Policy Goals Underlying the R&D Tax Credit
This presentation will examine why Congress enacted the R&D Tax Credit in 1981; why Congress modified the definition of qualified research in 1986; why Congress changed the R&D Tax Credit calculation in 1989 and 1996; and why Congress clarified the Credit in 1998 and 1999.
|5:00PM - 6:00PM||
Judicial Oversight of the R&D Tax Credit
A critical analysis of judicial oversight of the R&D Tax Credit including: how disputes are chosen for litigation; a discussion of whether or not litigation is the best forum to resolve fact-intensive controversies such as the R&D Tax Credit; and the role of proposed rulemaking in R&D litigation.
|6:30PM - 10:00PM||
Reception and Dinner with Keynote Address
|10:45AM - 12:00PM||
Improvements to IRS Examination Policy and Techniques
This presentation will include a discussion of Pre-Filing Agreements, industry issue resolution, examination selection, and record-keeping requirements.
|12:00PM - 1:00PM||
|1:00PM - 2:00PM||
R&D at the Dawn of the New Millennium: Improvements to the R&D Tax Credit
An examination of ways in which improvements to the R&D Tax Credit will foster R&D in the new economy and a review of the policy implications of a temporary Credit.
|2:00PM - 3:00PM||
Broadening Horizons: Should the Scope of the R&D Tax Credit Be Expanded?
A discussion of the extent to which policy goals of the Credit are hindered or advanced by the incremental expenditure requirement, an evaluation of expansion options to the current R&D Tax Credit, and an in-depth analysis of whether the current R&D Tax Credit is globally competitive.
|3:00PM - 3:15PM||
|68:0PM - 10:30AM||
An Examination of the Substantive Operation of the R&D Tax Credit
A discussion of whether the IRS's proposed regulations are consistent with Congressional intent and what improvements could be made in the regulations. Other issues which will be explored include: the types of activities and costs for which the IRS has disallowed credits; definitional gaps that have emerged through the application and administration of the Credit; and practical distortions in the policy goals underlying the Credit being produced as a result of polar positions taken by taxpayers and the IRS.