House Panel OKs Curbs On Tax Breaks For IP Transfers

Law360, New York (June 16, 2004, 12:00 AM EDT) -- A House panel has approved a tax bill that would severely limit tax deductions for industry donations of patents and other intellectual property rights to universities.

On Monday, the House Ways and Means Committee approved corporate tax bill H.R. 4520, which scales back on tax breaks for intellectual property transfers to academic and charitable groups.

The Joint Committee on Taxation estimates restricting IP donations will increase tax revenues $274 million in 2005 and $3.7 billion over ten years.

The bill will now be sent to the...
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