Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Chuck Grassley, R-Iowa, released the language of legislation they intend to introduce that would eliminate the patenting of tax strategies, a key priority of the American Institute of CPAs.

Baucus and Grassley argue that the bill would deter tax shelters, increase tax fairness, and fight tax evasion. The bill would prevent any individual or firm from being able to receive patents on tax strategies.

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