These regulations prescribe the procedure for making the election described in section 280C(c)(3) of the Internal Revenue Code. Taxpayers making this election must reduce their section 41(a) research credit, but are not required to reduce their deductions for qualified research expenses, as required in paragraphs (1) and (2) of section 280C(c).
US Code:
26 USC 7805
Name of Law: Rules and Regulations
US Code:
26 USC 280C
Name of Law: Certain expenses for which credits are allowable
US Code:
26 USC 41
Name of Law: Credit for increasing research activites
PL:
Pub.L. 101 - 239 7814(e)
Name of Law: The Rvenue Reconciliation Act of 1989
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Supporting Statement (PS-74-89).doc
PS-74-89.pdf
PS-74-89 (TD 8282) Final Election of Reduced Research Credit