U.S. Patent Laws to Get Update that will Spur Innovation
WASHINGTON – Senator Chuck Grassley, the Ranking Member of the Senate Judiciary Committee which has jurisdiction over the U.S. Patent Office, today said that legislation passed the Senate that will update U.S. patent laws, spur innovation, and help create jobs. Grassley is an original cosponsor of the bill, the Leahy-Smith America Invents Act. The bill now goes to the President for his signature.
“The United States is the most inventive country in the world, and a transparent and up-to-date patent system will only enhance the job creating ingenuity and entrepreneurship our country is known for. Without a top-notch patent system that evolves with the economy, entrepreneurs have less incentive to create new technologies and hire new workers,” Grassley said.
This legislation will make the U.S. patent system more effective and efficient. It will enhance transparency and patent quality, and improve certainty in the patent process. It will help the Patent and Trademark Office cut its backlog and process patent applications in a more expeditious manner.
The bill also includes Grassley’s provision that says a strategy for reducing, avoiding or deferring tax liability cannot be considered a new or non-obvious idea, and therefore, a patent on a tax strategy cannot be obtained. This ensures that all taxpayers will have equal access to strategies to comply with the tax code.
