SIA Submits Comments to the IRS on Credits for Research Activities and the Definition of Qualified Research

The Committee on the Federal Taxation of the Securities Industry of the Securities Industry Association (SIA)* provide comments to the Internal Revenue Service (IRS) on final regulations relating to the computation of the credit for increasing research activitiesand the definition of qualified researchunder Sections 41(c)Section 41(d), respectively,of the Internal Revenue Code. SIA believes that the provisions in the regulations relating to the definition of internal-use software, the discovery test, and the documentation requirements should be substantially revised to accomplish the intent of the U.S. Congress in providing this credit.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.