Invention Development Assistance Fund.
Section 7
SEC. 7. Invention Development Assistance Fund. - There is hereby established an Invention Development Assistance Fund from the operations of the Technology Application and Promotion Institute in the amount of at least twelve percent (12%) of the annual operations fund of the Institute and from donations, bequests, and other sources, public, private or domestic or foreign, for assisting potential or actual inventors in the initial experiments and prototype development and other inventor-development related activities for invention or innovation. The Fund shall be administered by the Institute and in the performance of the evaluation of the proposals therefor, the Institute may be assisted by an advisory board of inventors from the public and private sector. All donations to the Assistance Fund shall be tax exempt or tax deductible.