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Innovation Protection Act (view source)
Revision as of 16:15, 22 February 2016
, 16:15, 22 February 2016→Summary
==Summary==
The Innovation Protection Act would establish a [[United States Patent and Trademark Office ]] Public Enterprise Fund in the Treasury to be used as a "revolving fund by the Director of the U.S. Patent and Trademark Office (USPTO) without fiscal year limitation." It would replace the Patent and Trademark Office Appropriations Account, eliminate the Patent and Trademark Fee Reserve Fund established by the America Invents Act, and provide a permanent source of funding for the USPTO. The act would also require that all of the fees collected by the PTO remain available to the PTO until they are spent.
Under H.R. 1832, the USPTO would still be required to submit an annual budget to the President, an annual report and operation plan to Congress, and an annual spending plan to the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate. The act allows the USPTO to keep and spend all of the fees it collects, even those in excess of current fiscal year projection. However, the USPTO retains its obligation to submit spending reports and budgets.
