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Lawmakers want to know how TurboTax used $94 million in tax breaks
Sen. Elizabeth Warren‚ D-Mass.‚ is seen after the senate luncheons in the U.S. Capitol on Tuesday‚ January 23‚ 2024. | Tom Williams/CQ-Roll Call‚ Inc via Getty Images
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...
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