On 22 December 2014, the Italian Parliament approved the Budget for 2015.  Among other measures, the Law introduces the possibility of an exemption from corporate income tax (IRES, generally levied at 27,5%) and local tax (IRAP, generally levied at 3,9%) on income derived from qualifying intangible assets (such as patents, know-how and other intellectual property rights). The regime is eligible for taxpayers who perform research and development (R&D) activities and is characterized by a five year lock-in period. An advance clearance is required in a number of circumstances.