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United States · Bill · HR

H.R. 1020 (117th)

New Business Preservation Act

referredUnited States· United States Congress· EN

Introduced

11 February 2021

Last action

11 February 2021 · Introduced

Status

Referred to the House Committee on Financial Services.

Sponsors

Rep. Phillips, Dean [D-MN-3], Rep. Sewell, Terri A. [D-AL-7], Rep. Khanna, Ro [D-CA-17], Rep. Foster, Bill [D-IL-11], Rep. Neguse, Joe [D-CO-2]

Subjects

Discovery layer

Source updated

3 January 2025

Official sourceDownload fileView documentsShare

Summary

New Business Preservation Act This bill establishes and provides funding for the Innovation and Startups Equity Investment Program, through which the Department of the Treasury must work with states to invest in new businesses and startups. Specifically, the bill requires Treasury to provide certain funds to participating states, which these states must use to administer specified approved programs that provide equity investment in new businesses. Treasury must also award funds to approved state programs to provide follow-on investments. If a state receives funds from an exit, the state shall use such funds to further invest in startups under the approved program. An exit is defined as the (1) acquisition of a startup in which a state has invested under the program; (2) sale of a share of such startup following an initial public offering; or (3) voluntary purchase of a state's ownership interest by the startup, investors, or existing shareholders.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 February 2021

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 11 February 2021

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 11 February 2021

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 11 February 2021

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  • Introduced in House (PDF)

    Introduced in House · EN · 11 February 2021

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  • Introduced in House

    summary · EN · 11 February 2021

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Sponsors

Related records

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Sources

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