TurboTax maker Intuit’s $100 million tax credits challenged by US lawmakers
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TurboTax maker Intuit's tax breaks are being questioned by four US lawmakers who object to the federal research tax credits claimed by the company. A letter sent this week claims that the amount of Intuit's tax credit could have been used by the Internal Revenue Service to offer free online tax filing to many Americans.
"We write regarding Intuit's recent disclosure that your company received $94 million in federal research tax credits in 2022," the letter said. "For years, Intuit's corporate lobbyists have argued that the federal government should not set up a program for Americans to file their taxes online and for free because it would be too costly for taxpayers. Your company's disclosure reveals that Intuit's research tax break from 2022 alone could have been enough to fund a year of a free eFile program for millions of Americans."
The letter was sent to Intuit CEO Sasan Goodarzi by US Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Bernie Sanders (I-Vt.), and US Representative Katie Porter (D-Calif.)