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Tax break proposed for federally backed startups
The Austin Business Journal reports (subscription required) on proposed federal legislation to provide small tax credits for equity investments made in companies which have already qualified for federal grants.
In July we blogged about Rhys Williams’ testimony before the U.S. Senate Committee – Subcommittee on Competitiveness, Innovation, and Export Promotion, during which he made several excellent recommendations. The proposed tax credit sounds like a close cousin to two of Rhys’ ideas: tax credits for angel investors and matching local grants to qualified SBIR/STTR grant recipients.
The ABJ also reports that the Austin Chamber of Commerce supports…
“loosening rules that prohibit businesses owned 50 percent or more by a VC firm from applying for SBIR grants because such changes would improve the quality of applications.”
These measures would represent a modest start, but we are pleased to see the growing awareness and encourage everyone involved in the early stage entrepreneurial culture throughout the Southeast and Texas to echo these points to our state and national legislators and regulators as often as possible as we debate how to ignite renewed economic growth in America.