IP Fees Decrease!
It is said that death and taxes are as sure as the sun rising in the East, because no government ever voluntarily reduces itself in size. Well, check the horizon - with the recent decrease in U.S. patent fees, the Sun is now rising in the West!
It is an excellent time to file a patent application on that genius idea or design, and protect your rights to your business income from innovation.
In a surprise holiday gift for innovators, the United States has made major cuts to its intellectual property fees, reducing its take from small innovators, called “small entities” and “micro entities.” This essentially means that individual inventors and most businesses with fewer than 500 employees will now be paying much less for patent applications in the United States in 2024!
For example, U.S. filing fees for new Patent Applications are now at a 60% discount for Small Entities and at an 80% discount for Micro Entities, in comparison to the undiscounted rates. Previously, these discounts had been at 50 and 75%, respectively. See Updated Fee Schedule for more complete information (Updated April, 2024), and, of course, speak to your patent attorney regarding whether these discounts apply to your particular case and circumstances.
While the U.S. often makes unpredictable changes to its intellectual property fees, they are usually increases. And, when discounts are made, they are not typically this sweeping and significant. This unprecedented boost for innovators comes as part of the Unleashing American Innovators Act, in recognition that American innovation has been suffering, and needs a helping hand.
Bottom Line: It is an excellent time to file a patent application on that genius idea or design, and protect your rights to your business income from innovation.
