Introduced House Bill (H)

Authored by

DIGEST

Tax exemption for certain income related to patents. 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. Tax exemption for certain income related to patents. 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.