Bill Sponsor
House Bill 6403
116th Congress(2019-2020)
New Business Preservation Act
Introduced
Introduced
Introduced in House on Mar 26, 2020
Overview
Text
Introduced
Mar 26, 2020
Latest Action
Mar 26, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6403
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Minnesota
Democrat
California
Democrat
California
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

New Business Preservation Act

This bill establishes and provides funding for the Innovation and Startups Equity Investment Program, through which the Department of the Treasury shall work with states to invest in new businesses.

Specifically, the bill requires Treasury to provide certain funds to participating states, which such states shall use to administer specified approved programs that provide equity investment in new businesses. Certain areas with high levels of venture capital activity are excluded from the calculation of funds allocated to a participating state. Treasury shall also award funds to approved state programs to provide follow-on investments.

If a state receives funds from an exit, the state shall use such funds to further invest in startups under the approved program. An exit is defined as the (1) acquisition of a startup in which a state has invested under the program; (2) sale of a share of such startup following an initial public offering; or (3) voluntary purchase of a state's ownership interest by the startup, investors, or existing shareholders.

Text (1)
March 26, 2020
Actions (2)
03/26/2020
Referred to the House Committee on Financial Services.
03/26/2020
Introduced in House
Public Record
Record Updated
Feb 8, 2022 11:17:24 PM