US lawmakers bid to reverse recent changes to tax regime

In the USA, the House of Representatives have voted overwhelmingly in favor of legislation which would restore the ability of drugmakers to fully expense R&D costs incurred within the same tax year.

The $78 billion Tax Relief for American Families and Workers Act reverses a change which has required companies to amortize R&D expenses over a period of five years.

The House voted 357 to 70 in favor of the proposal, which includes certain other tax breaks, and which will now move to the Senate for a vote.