AICPA applauds tax strategy patent bill introduced in Congress.

• Position: Tax info

The AICPA applauded the introduction of legislation to protect taxpayers and tax practitioners who use patented tax strategies. H.R. 2365, introduced on May 17 by Rep. Rick Boucher (D-Va.) with co-sponsors Reps. Bob Goodlatte (R-Va.) and Steve Chabot (R-Ohio), would limit damages and other legal remedies available to holders of patents for tax planning methods. H.R. 2365 was referred to the House Judiciary Committee, which has jurisdiction over patent issues.

"Tax strategy patents may make it impossible for the U.S. Tax Code to be applied equally to all taxpayers," said AICPA President and CEO Barry Melancon. "With 60 tax strategy patents already granted and 86 applications pending, this is a growing problem. The patents do not pertain to just esoteric portions of the tax code affecting a handful of taxpayers; the patents cover a broad range of areas." He also noted that tax...