November 16, 2007
Senate Bill to Ban Tax Patents
Senate Finance Committee Chair Max Baucus and Ranking Member Chuck Grassley introduced legislation yesterday to prohibit the Patent and Trademark Office (PTO) from granting patents for common tax strategies and tax planning inventions. From the press release:
[T]he PTO has granted 60 tax patents, with 99 pending final decisions. This measure seeks to protect taxpayers and tax practitioners from incurring fees when they use routine tax strategies. Additionally, the bill addresses fears that some tax patent applications are for tax shelters.
Barack Obama is one of the co-sponsors.
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» Patents on tax avoidance strategies from Overlawyered
Legislation on the Hill would ban them; sponsors include Sens. Max Baucus (D-Mont.), Chuck Grassley (R-Iowa) and Barack Obama (D-Ill.). (Paul Caron, Nov. 16, via Elefant). Earlier: Oct. 21, 2006.... [Read More]
Tracked on Nov 20, 2007 11:36:33 PM