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The "Innovation Promotion Act of 2015" was released as a discussion draft on July 31, 2015. The act promotes a reduction of taxes to 10% for income from intellectual property. It also proposes qualifying tax distributions of qualifying intellectual property from a controlled foreign corporation to the US parent company. This act is indicative of the United States' effort to attract and foster more innovation and research.
===Feedback on the Innovation Promotion Act===
Executive Summary
 
The Act, as written has a broad scope in terms of qualified property and gross receipts, and has three potential normative economic justifications.
The first normative economic justification is in stimulating innovation. Other Acts (Patent Act, R&D tax credits, etc.) share this justification. This Act’s incentives are not sufficiently orthogonal and are less clearly coupled to desired activity as compared with pre-existing legislation that this economic justification would likely be better pursued by extending pre-existing legislation or developing new legislation.
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