Accounting Today

By Roger Russell

February 2, 2011, Washington, DC

Artlicle posted at http://www.accountingtoday.com/news/Groups-Urge-Passage-Tax-Strategy-Patent-Ban-57175-1.html

A coalition of 15 national organizations urged the Senate Judiciary Committee to keep a provision in S. 23, The Patent Reform Act of 2011, which would stop tax strategy patents. The bill goes to mark-up on Feb. 3.

The coalition thanked committee chairman Sen. Patrick Leahy, D-Vt., and ranking member Sen. Charles Grassley, R-Iowa, for including the tax strategy provision in the broad patent reform bill.

“We commend you for including a provision in S. 23…to address the serious problem of tax strategy patents,” the letter said. “We believe that this pro-taxpayer measure is a critical component of any comprehensive patent reform effort. The ongoing, serious concerns associated with tax strategy patents pose a significant threat to American taxpayers and businesses, and we believe that Congress must prioritize fixing this problem as soon as possible.”

The coalition said tax strategy patents “may limit the ability of taxpayers to utilize fully interpretations of tax law intended by Congress – effectively creating a monopoly for the patent holders to determine who can and cannot utilize parts of the tax code.”

The letter noted that as of now, the number of tax strategy patents have grown to over 130 issued, with more than 150 applications for patents currently pending.

The organizations that signed the letter are the American Institute of CPAs, Tax Justice Network USA, New Rules for Global Finance, American College of Tax Counsel, Consumer Action, The American College of Trust and Estate Counsel, Partnership for Philanthropic Planning, Global Financial Integrity, International Association for Registered Financial Consultants, National Association of Enrolled Agents, USPIRG, Certified Financial Planner Board of Standards, Financial Planning Association, American Association of Attorney-CPAs and Citizens for Tax Justice.

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