Tax Notes: Corporate Coalition Pushes For US Patent BoxNovember 18, 2015
American Innovation Matters (AIM), a coalition of companies that includes Cisco, Boeing, Intel, Oracle and Facebook, has released a statement pushing for the introduction of a US patent box, or an “innovation box” as it is known in the United States.
The statement looks at the endorsement on November 16 by Group of Twenty (G-20) leaders of the overhaul to international tax rules developed by the OECD, and confirms that it will result in many US companies facing “new pressures to relocate key investments and jobs unless Congress takes swift action to reform the US approach to international taxation.”
“The die has been cast, and the United States stands to lose major corporate investments and tax revenue unless the US Congress addresses international tax reform,” said Lisa Camooso Miller, AIM’s spokesperson. “Other countries are luring American companies with tax policies like an innovation box that provide lower tax rates for income earned from intellectual property. The United States needs a competitive tax code or we will fall behind.”