s. 897 seed capital bill passes sub committee

 

Update: s. 897 received a favorable report in the subcommittee I chaired on Wed. 02.13.08 (my first sub committee to chair). The  committee gave a unanimous favorable report, yet members (Sen. Peeler, Sen. Setzler, & Sen. Reese) had some concerns with possible loopholes for fraudulent activity. Venture Capital investment is regulated on the Federal level, so these concerns may be met, but we’ll find out for sure. S. 897 creates a pot of $5,000,000 that can be used for tax credits to those investing $10,000,000 or more. The tax credit will be 30% of the investment and will be repaid upon success of the investment. previous post on S. 897