FOR IMMEDIATE RELEASE
June 2, 2021
Contact: Sabrina Fang
WASHINGTON, DC – The American Start Up and Jobs Growth Coalition (ASJGC) welcomed the introduction of the IGNITE American Innovation Act, legislation that will accelerate innovation and fuel economic activity necessary to meet the goals of the president’s Build Back Better agenda.
“As the country continues to recover from the pandemic, it’s crucial we invest in startup ecosystems across the country to power the jobs and economy of the future. American entrepreneurs and workers are building groundbreaking companies that can transform their communities and boost America’s global competitiveness.
“IGNITE will provide immediate liquidity to our most innovative companies that must be used to finance job creation, R&D, or facility construction. Investment in innovation is investment in a better future for all of us.”
We commend Representatives Dean Phillips (D-MN) and Jackie Walorski (R-IN) for introducing this bill and for their leadership in support of startups and creating economic opportunity through innovation.
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 so long as the proceeds are used to finance payroll, research and development, or facility construction. The bill also provides an R&D credit bonus for research into technologies that can protect against future pandemics.
ASJGC members include: The National Venture Capital Association, Biotechnology Innovation Organization, TechNet, AdvaMed, Center for American Entrepreneurship, Medical Device Manufacturers Association, Angel Capital Association, and Technology Councils of North America.
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 U.S. 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.