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A group of 28 chief executives, including many from leading U.S. technology companies, wrote President Barack Obama Wednesday urging him to support legislative efforts to overhaul the nation's patent system.

The executives said retooling the patent system should be a key component of revitalizing the U.S. economy.

"Modernizing the U.S. patent system and stopping the abuses we see now will greatly enhance our efforts to innovate by creating U.S.-based jobs to help better lead our nation's economic recovery," they wrote.

Chief executives from Cisco Systems Inc. (CSCO), Dell Inc. (DELL), Intel Corp. (INTC), Hewlett-Packard Co. (HPQ), Google Inc. (GOOG) and Oracle Corp. (ORCL) were among those who signed the letter.

The House and Senate are each considering similar legislation to overhaul the patent system. The issue, however, is a contentious one and divides the business community. Such efforts have stalled several times in Congress in recent years.

One major issue yet to be resolved is how to calculate money damages against a defendant who infringes an inventor's patent.

Many high-tech companies want legislation to trim the amount of damages that patent violators have to pay. They say the current system allows inventors to extract far greater damage awards than their inventions are worth.

Pharmaceutical and biotechnology companies are among those who oppose changes to the calculation of damages, saying the position of the high-tech companies would weaken patent rights and encourage infringers. Other companies that oppose a reduction in damage awards include 3M Co. (MMM), Caterpillar Inc. (CAT) and General Electric Co. (GE).

-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com