Senators Seek To Ban Patents For Tax Planning

Law360, New York (November 16, 2007, 12:00 AM EST) -- Two U.S. senators are trying to protect taxpayers and prevent monopolies with a new bill that would restrict the issuance of patents for routine tax strategies and tax planning.

Senate Finance Committee Chair Max Baucus (D-Mont.) and Sen. Charles E. Grassley (R-Iowa) introduced legislation on Thursday that would stop the U.S. Patent and Trademark Office from approving patents for tax shelters and other techniques designed to reduce or avoid taxpayer liability.

Grassley said tax patents undermine the integrity and fairness of the federal tax system....
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