Make it in America Agenda will Create Jobs and Build Shared Prosperity
Includes Van Hollen’s Innovative Technologies Investment Incentive Act
Washington,
May 4, 2011 -
Today Maryland Congressman Chris Van Hollen issued the following statement on the “Make it in America” agenda for the 112th Congress, which includes the Innovative Technologies Investment Incentive Act:
“Democrats are committed to creating jobs and rebuilding our economy, and the Make it in America agenda is the cornerstone of that effort. It is a plan that builds shared prosperity today and into the future by encouraging American businesses to make products and innovate at home and sell them both here and abroad. It is a pro-growth agenda that makes targeted investments in education and innovation, and I applaud Congressman Hoyer’s tireless work on this important initiative.
“I’m especially pleased that this agenda includes the Innovative Technologies Investment Incentive Act. This legislation, which I also introduced in the 111th Congress, incentivizes meaningful investment in America’s most innovative small companies so we can leverage private capital to create good-paying American jobs and lay the foundation for our future economic success. It will provide a boost to those at the cutting edge of tomorrow’s breakthroughs and cures – as well as job creators – at a time when that boost is needed most. It is modeled after similar legislation in Maryland and other states and has a proven track-record of success.”
BACKGROUND:
The Innovative Technologies Investment Incentive Act 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 overall cap of $500 million for the program.
- REWARD LONG TERM INVESTMENT by requiring a holding period of at least three years for qualified investments.
Original co-sponsors include Congresswoman Betty McCollum (D-MN), Congressman C.A. Dutch Ruppersberger (D-MD), Congresswoman Allyson Schwartz (D-PA), Congressman Jared Polis (D-CO), and Congressman John Garamendi (D-CA).
Congressman Chris Van Hollen
