3.0.0 3515 2022-02-08T23:23:04Z 2022-02-08T23:23:04Z Senate S 2020-03-18 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2020-03-18T18:00:46Z New Business Preservation Act 116 6403 HR 2020-03-26 Referred to the House Committee on Financial Services. Identical bill CRS 2020-03-18 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2020-03-18 Introduced in Senate IntroReferral 10000 9 Library of Congress K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN N C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2020-03-18 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2020-03-18 True K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2020-03-18 True Commerce Accounting and auditing Advanced technology and technological innovations Advisory bodies Business investment and capital Congressional oversight Department of the Treasury Financial services and investments Government lending and loan guarantees Government studies and investigations Intergovernmental relations Minority and disadvantaged businesses Product development and innovation Public contracts and procurement Securities Small business State and local finance State and local government operations User charges and fees Commerce 00 2020-03-18 Introduced in Senate 2020-06-19T18:13:23Z 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.

]]> New Business Preservation Act Display Title New Business Preservation Act Short Title(s) as Introduced New Business Preservation Act Introduced in Senate IS Official Title as Introduced A bill to establish the Innovation and Startups Equity Investment Program in the Department of the Treasury, through which the Secretary of the Treasury shall allocate money to certain States to assist high-potential scalable startups access venture capital to commercialize innovations, create jobs, and accelerate economic growth, and for other purposes. Introduced in Senate IS Introduced in Senate 2020-03-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s3515is/xml/BILLS-116s3515is.xml 2020-03-18 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.