Public-private competition can lay the groundwork for changes inrevenue-estimating transparency practices, but Congress can set therules, and a Blue Ribbon Commission sponsored by a governmentagency, nonprofit group, or accounting or law firm might also beuseful. One thing is sure: Change in revenue-estimatingtransparency is needed at both the Treasury Department and theJoint Committee on Taxation.
Seventh Circuit torpedoed taxpayer’s research tax credits for two watercrafts creating confusion about how a taxpayer should document research activities and arguably undermines Congress’s purpose in using research tax credits to stimulate domestic technological investment.