How Effective Are Fiscal Incentives For Rd
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Effectiveness of Fiscal Incentives for R&D
Author | : Irem Guceri |
Publisher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2017-03-31 |
Genre | : Business & Economics |
ISBN | : 1475591241 |
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With growing academic and policy interest in research and development (R&D) tax incentives, the question about their effectiveness has become ever more relevant. In the absence of an exogenous policy reform, the simultaneous determination of companies’ tax positions and their R&D spending causes an identification problem in evaluating tax incentives. To overcome this identification challenge, we exploit a U.K. policy reform and use the population of corporation tax records that provide precise information on the amount of firm-level R&D expenditure. Using difference-in-differences and other panel regression approaches, we find a positive and significant impact of tax incentives on R&D spending, and an implied user cost elasticity estimate of around -1.6. This translates to more than a pound in additional private R&D for each pound foregone in corporation tax revenue.
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