Evidence is incomplete or still developing; a future update may resolve it. Learn more in Methodology.
Agreement text, implementing guidance, or official analyses demonstrate that Pillar Two measures will not reduce or override the U.S. R&D tax credit and specified Congressionally approved incentives for U.S. investment and job-creation.
Available independent evidence does not yet clearly substantiate the U.S. Treasury’s claim that the newly announced agreement definitively “preserves” or “protects” the value of the U.S. R&D tax credit and other Congressionally approved investment incentives.
External analyses of the June 2025 G7 political agreement note that it was only an agreement in principle and specifically highlight that key details and exemptions, including the treatment of the U.S. R&D credit under the Pillar Two framework, remained unsettled and subject to ongoing OECD Inclusive Framework negotiations as of late 2025. For example, Grant Thornton’s July 29, 2025 analysis of that agreement lists “blessing the U.S. R&D credit as a compliant Pillar 2 credit” merely as one of several possible future paths, and emphasizes that the mechanics and scope of any exemption, and whether non-G7 countries would join it, were still unclear. No accessible OECD, G20, or multilateral legal texts or detailed term sheets currently corroborate that 145+ countries have concretely agreed to a final, implemented arrangement that fully shields the U.S. R&D credit and all other U.S. investment incentives from any erosion via Pillar Two top-up taxes.
Given that the only detailed external discussion portrays the deal as a high-level political understanding with unresolved technical design on precisely this point, and there is no independently verifiable documentation showing that all participating jurisdictions have accepted specific rules guaranteeing preservation of the U.S. R&D credit’s value, the accuracy of the statement cannot be confirmed at this time. The verdict is Unclear because credible third-party sources describe core aspects of the agreement as in principle and not yet technically or legislatively settled, particularly with respect to R&D and investment tax incentives.