New Business Preservation Act

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 shall work with states to invest in new businesses. Specifically, the bill requires Treasury to provide certain funds to participating states, which such states shall use to administer specified approved programs that provide equity investment in new businesses. Certain areas with high levels of venture capital activity are excluded from the calculation of funds allocated to a participating state. Treasury shall 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. 26 March 2020

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 March 2020

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 March 2020 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 March 2020

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 March 2020

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 March 2020

  Open at official source

Sponsors

• Dean Phillips · D · Sponsor
• Rep. Khanna, Ro [D-CA-17] · D · Sponsor
• TIM RYAN · D · Sponsor
• Rep. Sewell, Terri A. [D-AL-7] · D · Sponsor
• Harley Rouda · D · Cosponsor
• · hsba00 · Standing

Related records

• related to → New Business Preservation Act