FOR IMMEDIATE RELEASE
March 16, 2021
Contact: Devin Miller
WASHINGTON, DC – The National Venture Capital Association (NVCA) was pleased to see reintroduction of the bipartisan American Innovation and Jobs Act, by Senators Todd Young (R-IN), Maggie Hassan (D-NH), Catherine Cortez Masto (D-NV), Rob Portman (R-OH), and Ben Sasse (R-NE). This bill would support innovative startups by increasing the ability of young companies to access the value of research and development (R&D) tax credits, as well as extending its availability to a wider range of startups and small businesses.
“VC-backed startups are the most innovative companies in the world, with many spending over 50 percent of their total expenditures on R&D. Allowing these companies to access the value of their tax assets will accelerate innovation and job creation across the country,” said Bobby Franklin, President and CEO of NVCA. “As the U.S. recovers from the COVID-19 pandemic and one of the most severe economic downturns in modern history, policy that supports startup investment into R&D—and the innovation and job creation that comes from that investment—is more imperative than ever. We are excited about the American Innovation and Jobs Act’s proposed expansion of the R&D tax credit for startups and look forward to working with the bipartisan co-sponsors and other policymakers to advance this important legislation.”
About National Venture Capital Association
The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the US venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit www.nvca.org.