Despite the prevalence of R&D tax incentives, the amount of additional investment induced by each dollar of tax revenue forgone remains contested. It is notoriously difficult to identify the impact of R&D tax incentives because all firms are potentially eligible and because benefit and investment are jointly determined. Using comprehensive, firm-level data, we apply difference-in-difference analysis around a significant policy reform in Australia in 2012. We find that firms invest an additional $1.90 for every dollar of tax revenue forgone.

中文翻译：

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研发税收政策的额外性：准实验证据

尽管研发税收激励措施盛行，但放弃的每一美元税收所带来的额外投资额仍存在争议。众所周知，要确定研发税收优惠政策的影响是很困难的，因为所有公司都有资格，而且收益和投资是共同决定的。使用全面的企业级数据，我们对2012年澳大利亚的一项重大政策改革进行了差异分析。我们发现，企业每放弃1美元的税收，就会额外投资1.90美元。