Treasury to allow firms billions more in R&D tax savings

• US Treasury to issue new tax guidance allowing companies to fully utilize R&D tax breaks.
• The guidance aims to resolve conflicts between Trump-era R&D deductions and Biden's 15% corporate minimum tax.
• This move could save companies billions, benefiting research-heavy industries like tech and pharma.
• Companies like Salesforce and Qualcomm are expected to see large tax savings.
• The new guidance is anticipated to face criticism from progressive Democrats.

Why It Matters: New tax guidance could save companies billions, weakening the corporate minimum tax.