In late June, Senate Finance Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) proposed jump-starting tax reform by starting with a “blank slate” that eliminates all tax expenditures – both corporate and individual – in the code. They then asked their Senate colleagues to formally weigh in on which expenditures or credits should be added back into the code, based on which provisions would help grow the economy or make the tax code fairer. Read more
The Senate Energy and Natural Resources Committee held a hearing last week on the current state of investment in clean energy finance and discussed federal programs aimed at the development and deployment of new energy technologies. Chairman Ron Wyden (D-OR) and ranking member Lisa Murkowski (R-AK) both discussed the importance of ARPA-E, as well as the role of federal programs like Section 1703, the DOE loan guarantee program for “new or significantly improved” technologies and the ATVM program that provides direct loans to automakers. The successful early repayment of the Tesla loan was heralded as an example of how such a program can assist with the deployment of a new and groundbreaking energy technology. Read more
Today, NVCA Board Member and JumpStart Inc CEO Ray Leach testified before the House of Representatives Subcommittee on Capital Markets and Government Sponsored Enterprises at a Hearing on “Reducing Barriers to Capital Formation, Part II” Following the passage of the JOBS Act, the Subcommittee continues to identify additional legal, regulatory, and market impediments that are impacting capital formation, particularly for small and medium capitalized companies. The venture capital community was invited to give a perspective on the existing state of the capital markets for our companies. Read more
Late yesterday the Senate passed a comprehensive immigration proposal by a margin of 68 to 32, with 14 Republicans joining all of the Chamber’s Democrats in favor of the measure. For the venture industry and our entrepreneurs, as well as the broader high-tech and life science communities, the bill represents a critical recognition of the linkage between high-skilled immigration and broader U.S. economic competitiveness and job creation.
NVCA worked closely with Senators Bennet (D-CO), Shaheen (D-NH), Warner (D-VA) and Udall (D-CO) to clarify portions of the newly created INVEST visa for entrepreneurs as the Senate debated the broader bill. We’ll be reviewing the final details of the bill as passed by the Senate and will share further analysis in the coming days. But, we’re hopeful that the combination of increased access to green cards for those graduating from U.S. universities, the INVEST visa for entrepreneurs that want to start a company, and the increased number of H-1B visas available will create a smoother pathway for entrepreneurs than has been possible. Read more
In the last several weeks the buzz around high-skilled immigration reform has noticeably increased with many groups across the country contributing to the campaign to enact meaningful change in this area. We, at the National Venture Capital Association, are extremely encouraged by the public support and momentum around an issue that we have long supported. Each and every group has a role to play as the debate moves forward. For the NVCA’s part, we do our best work in Washington D.C., often out of the public spotlight, helping to frame and advocate for those provisions most important to the venture capital industry and the companies in which we invest. These efforts, combined with more public campaigns from other coalitions who share our goals, will continue in earnest as immigration reform moves through the Senate, and eventually, hopefully through the House of Representatives. Read more