Tax exemption for certain income related to patents.

Authors: Representative Kathleen Heuer

Co-authors: Representative Rebecca Kubacki, Representative Christina Hale

Digest

Provides an exemption from adjusted gross income taxation for income derived from an invention in the period beginning when a patent application for the invention is filed and ending when the patent is granted, if a patent is ultimately issued for the invention. Provides for a new schedule of exemption percentages for the patent exemption from adjusted gross income taxation in current law, applicable to patents issued during taxable years beginning after December 31, 2014.