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FEDERAL POLICY ISSUES
ACA is monitoring activity on a variety of public policy activities, including Congressional legislation and proposed regulations by the Securities and Exchange Commission. Issues in 2008 include:
Securities and Exchange Commission
All proposed rules, including the proposed language, comments from the public, and the ability to comment are listed at www.sec.gov/rules/proposed.shtml.
Particular proposed rules to review for angel groups include:
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Revisions of Limited Offering Exemptions in Regulation D
August 3, 2007
33-8828
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Prohibition of Fraud by Advisers to Certain Pooled Vehicles’ Accredited Investors in Certain Private Investment Vehicles
December 27, 2006
33-8766
United States Congress
The following bills are currently under consideration by the US House of Representatives and/or US Senate. Basic information on each is available via the links provided below. In addition, ACA has provided additional information and feedback from the membership on some of the proposed legislation to member group leaders separately.
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HR 578 – Access to Capital for Entrepreneurs Act
Would provide a tax credit for 25% of equity investments made in small businesses, up to an annual limit of $500,000.
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HR 3567 – Small Business Investment Expansion Act
Expands venture capital programs, allows companies with equity investments to participate in federal programs, and creates an Angel Investment Office in the Small Business Administration to implement grant programs and a Federal Angel Network.
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HR 2803 – Angels Nurture Growing Entrepreneurs into Long-term Successes (ANGEL)
Creates an Angel Investment Office in the Small Business Administration to implement grant programs and a Federal Angel Network.
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HR 2834 – Carried Interest Tax Bill
Amends the Internal Revenue Code to treat as ordinary income (i.e., income taxed at regular income tax rates) income received by a partner from an investment services partnership interest.
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S 1662 – Small Business Venture Capital Act
Would amend the Small Business Investment Act to increase the maximum amounts of outstanding leverage made available to: (1) two or more SBICs that are commonly controlled; and (2) SBICs that invest in women-owned and minority businesses and in businesses in low-income areas.
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S 1145 – Patent Reform Act
Makes a variety of reforms to patent laws, including but not limited to: modifies conditions under which a patent may be obtained for an invention or discovery, modifies provisions relating to damages for patent infringement, and allows a person who is not the patent owner to file a petition with the Board to cancel a patent as invalid.
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