Monday, May 21, 2007

H.R. 2365 Referred to House Committee to Limit Tax Strategy Patents

Three senior members of the House Judiciary Committee -- Rep. Rick Boucher (D-Virg.), with co-sponsors Reps. Bob Goodlatte (R-Virg.) and Steve Chabot (R-OH) -- introduced H.R. 2365, on May 17. The bill is aimed at limiting damages and other legal remedies available to holders of patents for tax planning methods.

The bill enjoys strong support from The American Institute of Certified Public Accountants, which is looking to eliminate tax strategy patents altogether. According to the AICPA:

"Patents granted for tax strategies are contrary to sound public policy because they undermine the integrity, fairness, and administrability of the tax system ... The conflict with Congressional intent highlights a serious policy reason against allowing patent protection for interpreting the law. Allowing patents on strategies for complying with any law or regulation is not sound public policy because it creates an exclusivity on interpreting the law."

View/download H.R. 2365 (link).

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