(Photo by Matthew Hatcher/Getty Images) Getty ImagesShould Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? It also would limit the ability of pass-through businesses to claim these losses against past year individual income tax liability. Refundable business tax credits. But under current law, business tax credits generally are not refundable (though some smaller businesses can use the research and experimentation tax credit to offset payroll taxes). For example, it would be easy for someone to open a business, claim a fistful of tax credits, then shutter the firm.

Source: Forbes June 19, 2020 14:37 UTC