For decades, businesses were allowed to deduct certain R&D expenses straight away to reduce their taxable income.
Tax deductions are subtractions from taxable income while tax credits get subtracted from the amount of tax owed.
Over the course of this year, companies have been making estimated tax payments that incorporate the R&D change, tax attorneys said.
On the agenda: Agreeing on funding the government to avoid a shutdown, aid for Ukraine, alongside potential changes to the treatment of R&D expenses.
When it comes to a potential repeal or deferral related to R&D deductibility, timing is crucial, said Shelby Ford, a tax partner at Crowe LLP, a public accounting, consulting and technology firm.