The United States
now lags behind its global competitors in tax incentives for research and
development. In recent years, at least fourteen developed economies have
adopted patent or innovation boxes, which provide a special low tax rate on
business income that is derived from innovative activities. This development
has sparked debate in the United States, and several recent U.S. tax reform
proposals include a patent or innovation box. A discussion draft for a U.S.
innovation box was released last year by Rep. Charles Boustany (R-LA) and Rep.
Richard Neal (D-MA).
This conference
brought together experts from a variety of backgrounds to share their
perspectives on these important emerging issues in tax policy.
The panels
included: “Taxation of Intellectual Property in the United States and Abroad”; “Effects
of Taxation on Economic Activity: A Review of the Literature”; “New Evidence on
the Impact of Patent Boxes”; and “Should the United States Implement a Patent
Box.” The following presentations are
available: Paul
W. Oosterhuis’, Partner,
Skadden, Arps, Slate, Meagher & Flom LLP, presentation Basic
U.S. Multinational Tax Planning Strategies for Intellectual Property; Lilian V. Faulhaber’s, Associate
Professor of Law, Georgetown Law, presentation Taxation
of Intellectual Property in the United States and Abroad; Sebastien
Bradley’s, Assistant Professor of Economics, Drexel University,
LeBow College of Business, presentation Effects
of IP Taxation on Economic Activity: A Review of the Literature;and Eric
Ohrn’s, Assistant Professor, Grinnell College, presentation International
Royalty Flows and Research and Development Responses to IP Box Regimes. The
other panelists and moderators included: Alan
J. Auerbach, Robert D. Burch Professor of Economics and Law
& Director, Burch Center for Tax Policy and Public Finance, University of
California, Berkeley; Mihir
A. Desai (Moderator) Mizuho Financial Group Professor of Finance, Harvard Business School; James
R. Hines, Jr. (Moderator) L. Hart Wright Collegiate Professor of Law & Co-Director of the Law and
Economics Program, University of Michigan; Rosanne
Altshuler (Commentator) Professor of Economics & Chair, Department
of Economics, Rutgers University; Jason
Furman, Chairman, Council of Economic Advisers; Michael
J. Graetz (Moderator), Columbia Alumni Professor of Tax Law, Columbia
Law School; Martin
A. Sullivan, Chief Economist, Tax Analysts; and Itai
Grinberg, Associate Professor of Law, Georgetown Law.
The Webcast of
the conference (over three hours) is available here.
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