Contact:

Ben Veghte
NVCA
202.864.5923
bveghte@nvca.org


FOR IMMEDIATE RELEASE:

WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement after the House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act.

“Throughout the process we have been championing tax reform recommendations that would encourage new company formation, and we are pleased to see some of those incorporated into the House bill,” said Bobby Franklin, President and CEO of NVCA.  “Preservation of the Qualified Small Business Stock rules and the R&D credit payroll tax offset are key to ensuring a vibrant entrepreneurial ecosystem, and we appreciate lawmakers providing relief to startup employees that are unfairly hit with a tax bill on phantom income they haven’t yet received.  As the process moves forward, we will continue to work with House and Senate lawmakers to ensure that tax reform supports the entrepreneurial ecosystem and doesn’t disrupt or discourage patient, long-term investment into innovative companies.”


About National Venture Capital Association

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, the NVCA serves as the definitive resource for venture capital data and unites its member firms through a full range of professional services. For more information about the NVCA, please visit www.nvca.org.