U.S. Congress Curbs Tax Breaks For IP Donations

Law360, New York (October 13, 2004, 12:00 AM EDT) -- U.S. President George W. Bush is expected to sign a tax bill passed by the U.S. Congress that cubs tax deductions for donations of intellectual property to universities.

The U.S. Senate on Monday passed the American Jobs Creation Act (HR 4520), which had already been passed by the U.S. House of Representatives on Thursday. Section 882 limits the deduction available under Section 170 of the Internal Revenue Code for contributions of intellectual property.

The new provision requires that for contributions of a patent or other intellectual...
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