Lucrative Trump Tax Break for Tech, Pharma Hits Biden-Era Snag

One of the most lucrative tax breaks corporate America won in Donald Trump’s signature economic legislation — worth an estimated $67 billion this year — is hitting a roadblock in a minimum tax Congress set three years ago under Democratic President Joe Biden.

Trump’s recently enacted tax law sweetened a break for corporate research and development investments, a provision especially valuable to technology, pharmaceutical and manufacturing businesses. But some businesses won’t be able to take full advantage of the break, thanks to the Biden-era provision that lobbyists argue threatens to curtail the economic boost in Republicans’ tax law. ...