Portman and Schumer Statement on House Patent Box Framework

Press Release

Today, U.S. Senator Rob Portman (R-Ohio) joined Senator Charles Schumer (D-New York) in recognizing the release of an innovation box framework by House Members Rep. Charles Boustany (D-Louisiana) and Rep. Richard Neal (D-Massachusetts). Senators Portman and Schumer recommended an innovation box in their bipartisan report to the Senate Finance Committee on an international tax reform framework.

"While other countries are using tax policies like innovation boxes to lure business and jobs to their shores, America is falling behind," Portman said. "Representatives Boustany and Neal's innovation box framework should be carefully considered as we work towards developing policies that will keep intellectual property and its development here in the United States. If we don't reform our tax code soon with pro-growth, competitive policies, U.S. workers will suffer as businesses take their research and development activities, and the high-paying jobs that go along with those activities, to countries with more competitive tax regimes."

"If we don't change our tax laws, companies abroad are going to keep pulling the rug right out from under the United States, taking our intellectual property and thousands of jobs right along with it," said Schumer. "I am grateful that Representatives Boustany and Neal have put forward their plan for an innovation box and hope that bipartisan support for this critical idea continues to grow in the coming weeks. We can't afford to wait any longer to protect our research, development, and American jobs."

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