H.R. 6353 (112th): Manufacturing American Innovation Act of 2012

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Allyson Schwartz [D-PA13]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 2, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2012
Referred to Committee Aug 02, 2012
Cosponsors
1 cosponsors (1R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to allow a deduction for patent box profit from the use of United States patents.

Summary

No summaries available.

Text

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Last updated Aug 02, 2012.
25 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/2012--Introduced.
Manufacturing American Innovation Act of 2012 - Amends the Internal Revenue Code to allow a taxpayer to elect a tax deduction for an amount equal to 71% of the lesser of:
(1) the taxpayer's patent box profit, or (2 the taxpayer's taxable income for the taxable year.
Defines "patent box profit" to include gross receipts derived from the sale, lease, license, or or other disposition of qualified patent property in the course of a U.S. trade or business over the sum of the taxpayer's cost of goods sold allocable to patent gross receipts, other expenses, losses, or deductions, including research and development expenditures, allocable to such receipts, plus routine profit.
Defines "qualified patent" to include a patent issued or extended by, or for which an application is pending before, the United States Patent and Trademark Office (USPTO). Sets forth rules for the application of the patent box profit deduction to pass-thru entities, including partnerships and S corporations, trusts and estates, and agricultural and horticultural cooperatives.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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