FOR IMMEDIATE RELEASE
August 6, 2020
Contact: Cassie Ann Kiggen
WASHINGTON, DC – The National Venture Capital Association (NVCA) today expressed its strong support for the IGNITE American Innovation Act, introduced by Reps. Dean Phillips (D-MN) and Jackie Walorski (R-IN). The legislation will provide immediate liquidity to startups by allowing them to monetize certain tax assets. Specifically, the bill will allow companies with less than 1,500 employees to monetize up to $25 million in net operating loss (NOL) carryforwards and R&D credits, and provide a bonus for tax assets generated by research and production of technologies intended to prevent, diagnose, and treat COVID-19.
“On behalf of startups, their 2.27 million workers, and investors, we are thrilled to endorse the IGNITE American Innovation Act, the most significant pro-startup proposal under consideration during economic recovery negotiations,” said Bobby Franklin, President and CEO of NVCA. “This bill will create jobs and sustain critical economic activity immediately, activity that will pay long-term dividends to American workers and the U.S. economy through greater innovation and market competition, and more cutting-edge U.S. companies.”
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.