Van Hollen Introduces Innovative Technologies Investment Incentive Act of 2010
Jul 16, 2010 -
Maryland Congressman Chris Van Hollen has joined Congresswoman Betty McCollum (D-MN), Congressman C.A. Dutch Ruppersberger (D-MD), Congresswoman Allyson Schwartz (D-PA), and Congressman Jared Polis (D-CO) in introducing the Innovative Technologies Investment Incentive Act of 2010 (H.R. 5767). This legislation will accelerate innovation of products and medical breakthroughs; invest in quality projects that meet rigorous standards; and reward long-term investments that will create jobs and ultimately improve our economy.
“The Innovative Technologies Investment Incentive Act of 2010 will provide an important boost to America’s most innovative small companies at a time when that boost is needed most,” said Congressman Van Hollen. “This pro-growth, pro-innovation initiative – modeled after the highly successful Maryland Biotechnology Investment Incentive Tax Credit and similar legislation in other states – will leverage private capital to create good-paying American jobs, commercialize the breakthrough products and cures of tomorrow, and lay the foundation for our future prosperity.”
“Jobs provide the gasoline that runs our country's economic engine. When you have a job, you can support your family and your community. Small businesses are a phenomenal source of good-paying, high quality jobs especially in the technology sector. This bill will give small business in Maryland a great boost,” said Congressman Ruppersberger.
“We all know that small businesses are the largest job creators in the country. The Innovative Technologies Investment Incentive Act will provide our entrepreneurs and innovators with the resources and tools they need to continue to expand and hire. Growing America's small businesses is key to our economic recovery and this bill will help maintain U.S. competitiveness in the global marketplace,” said Congresswoman Schwartz.
“Colorado’s growing clean energy industry is an essential part of our economy and incentivizing investment is a great way to spur further innovation and job creation,” said Congressman Polis. “I am proud to work with my colleagues to replicate this successful program so that innovative companies across the country can benefit from the same incentives that have proven effective in Maryland.”
The Innovative Technologies Investment Incentive Act of 2010 will:
- ACCELERATE INNOVATION by providing a 25 percent tax credit for qualified equity investments in eligible high technology and biotechnology small business concerns.
- INVEST IN QUALITY by directing credit-qualified investments only to those small businesses that have met the federal government’s rigorous requirements for receiving Small Business Innovation Research (SBIR) grant awards.
- CONTROL COSTS by establishing a per company cap for the Innovative Technology Investment Credit at one half the value of the receiving company’s SBIR award and an initial program cap of $500 million.
- REWARD LONG-TERM INVESTMENT by requiring a holding period of at least three years for qualified investments.
To read the text of the legislation, click here.