Senators Seek To Ban Patents For Tax Planning

Law360 (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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.