September 19, 2011
President Signs Leahy-Smith America Invents Act
President Barrack Obama signed the Leahy-Smith America Invents Act (HR 1249) into law on Friday. The Act reforms the U.S. patent system and stops the granting of patents sought for purpose of “reducing, avoiding, or deferring tax liability.” The tax strategy provision applies to patent applications filed or pending on or after September 16, 2011.
Barry Melancon, President and CEO of AICPA, said, “tax strategy patents are the equivalent of private tollbooths that block tax compliance options and could cost Americans more money. We are grateful that Congress and the president recognized this and acted to correct the inequity.”
See President Signs Patent Reform Bill Banning New Tax Strategy Patents, The Journal of Accountancy, Sep. 16, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.
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