The Silicon Valley Tax Directors Group (SVTDG), comprised of 78 representatives from leading high technology companies, called for reform to the US taxation of intellectual property in a letter addressed to Senators Ron Wyden (D-OR) and Orrin Hatch (R-UT), the chairman and ranking member, respectively, of the Senate Finance Committee. The SVTDG states in the letter that existing tax laws effectively preclude companies with intellectual property abroad from bringing their IP home to the US. The SVTDG calls for the US to adopt an “IP box” regime, similar to so called “patent box” regimes adopted in several European countries, which provides a lower tax rate on income attributed to IP. The SVTDG also calls for allowing US corporations to elect to treat a distribution of qualifying IP from a controlled foreign corporation as a dividend eligible for a 100% dividends received deduction, to allow the tax-free transfer of IP held abroad to the US. The SVTDG believes these measures will promote research and development and job growth in the US, and will actually increase revenues collected by making it more likely that foreign source income attributable to IP will be taxed by the US.