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

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Allyson Schwartz
Representative for Pennsylvania's 13th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Aug 02, 2012
Length
25 pages
Related Bills
H.R. 6544 (Related)
Manufacturing Innovation in America Act of 2012

Referred to Committee
Last Action: Sep 21, 2012

 
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
 
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.

Cosponsors
1 cosponsors (1R) (show)
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 6353 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus