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Tax Policy: Pharmaceutical Industry's Use of the Research Tax Credit

GGD-94-139 Published: May 13, 1994. Publicly Released: Jun 15, 1994.
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Highlights

Pursuant to a congressional request, GAO reviewed the major tax benefits used by the pharmaceutical industry, focusing on: (1) the characteristics of the companies claiming research tax credits; and (2) whether Internal Revenue Service (IRS) tax administration efforts adequately ensure that pharmaceutical companies comply with tax credit legislation.

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Tax Policy and Administration
BiotechnologyCorporationsInvestmentsPharmaceutical industryPharmacological researchResearch and developmentTax administrationTax creditTax lawTax return auditsTax shelters