Senators Urge Last-Minute Corporate R&D Tax Break in Chips Bill

A bipartisan group of lawmakers is making a last-minute attempt to revive a tax break for corporate research and development in the semiconductor funding bill that the Senate is debating this week.

Senator Todd Young, the Indiana Republican who has been leading the negotiations for his party, told reporters Tuesday that lawmakers are discussing a one-year extension to a tax break for R&D costs that expired at the end of 2021. The addition, which is still being debated, would let companies deduct research expenses in the year they’re incurred, rather than a multi-annual period.

Todd Young

Photographer: Stefani Reynolds/Bloomberg

The addition would be ...