Reps. Charles W. Boustany, Jr. (R-LA) and Richard E. Neal (D-MA) released a discussion draft today of The Innovation Promotion Act of 2015.  The draft legislation would allow for a corporation to deduct 71% of the lesser of innovation box profits derived from qualifying intellectual property or the corporation’s taxable income.  A 71% deduction would translate into an effective tax rate of 10.15% on all innovation box profits.