A collection of some of America’s leading companies working under American Innovation Matters (AIM) released a statement pushing for the introduction of a US patent box, or an "innovation box" as it is known in the United States.
AIM’s membership includes Cisco, Boeing, Intel, McGraw Hill Financial, Oracle, Facebook and other companies whose strong investments in R&D and innovation help to create new jobs and spur economic growth. The coalition is advocating for updating US international tax rules by implementing innovation box policies, which provide businesses with lower tax rates on income generated from intellectual property and are increasingly being adopted by foreign countries as a way to attract investment and jobs.
The statement looks at the endorsement on 16 November by the 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."
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