Lawmakers want to know how TurboTax used $94 million in tax breaks
Intuit, maker of TurboTax, is in another row with lawmakers — this time over how it spent $94 million in tax breaks. Senators Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), and Representative Katie Porter (D-CA) sent a letter to Intuit yesterday blasting the company for not answering questions they have about how Intuit used the tax credits.
SEC filings show that Intuit received $94 million in federal research and experimentation credits in 2022, which grew to $106 million in 2023. The credit is supposed to support research that the company otherwise might not have been able to afford. The four lawmakers initially sent a letter to Intuit on January 2nd, demanding to know how the money was spent and setting a...