FMR Corp. appealed from an adverse Tax Court decision holding that FMR’s expenditures incurred in launching new regulated investment companies (mutual funds) are not currently deductible as ordinary and necessary business expenses under § 162 (a) of the Internal Revenue Code and must be capitalized under § 263 (a). On behalf of Associated Industries of Massachusetts, NELF drafted an amicus brief to be filed in the First Circuit, arguing that the recent change in tax policy disallowing the deduction of many expenses that were previously considered deductible significantly increases taxes on business and will adversely affect the Massachusetts economy. Shortly before NELF’s brief was due, the parties stayed the appeal while the IRS promulgates regulations that may resolve this matter. Negotiations remain ongoing.