Legislative Developments

House Judiciary Committee Adopts Amendment Eliminating Tax Patents, H. R. 1908

Since a U. S. Appeals Court ruled in 1998 that business methods could be patented, more than 50 patents have been issued on tax techniques, creating alarm that many basic estate planning practices would incur royalty obligations. On September 7, 2007, the House passed the Patent Reform Act of 2007 (H.R. 1908) which prohibits tax strategy patents. The bill excludes software programs that perform calculations and produce returns.

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Charitable Remainder Pet Trusts? Something for Everyone! H R. 2491

 

A bill creating a Charitable Remainder Pet Trust (CRPT) has been filed in the House by Rep. Earl Blumenauer (D-Or). Under the bill, a CRPT could be established for a domesticated companion cat, dog, rabbit, guinea pig, hamster, gerbil, ferret, mouse, rat, bird, fish, reptile, or horse for a term of no more than 20 years and terminate on the earlier of the last pet’s death or the 20-year term. The bill has been referred to the House Ways and Means Committee, from which it may never emerge. But the bill makes interesting reading on a slow day.

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