HOUSE COMMITTEE APPROVES LANGUAGE PROHIBITING TAX PATENTS

Thursday, July 19, 2007 - 7:30am

The House Judiciary Committee yesterday approved language that would prohibit patents of tax planning methods. The ban was proposed by Rep. Rick Boucher, D-Va., and approved by the committee as an amendment to H.R. 1908, the Patent Reform Act of 2007. H.R. 1908 passed the committee by a voice vote. Boucher's amendment defines a tax planning method as "a plan, strategy, technique or scheme that is designed to reduce, minimize, or defer" a taxpayer's tax liability. Click here for more information about patenting tax strategies.