Public Policy Priorities

ACA Public Policy Focus

As the voice for ACA members and many American angel investors, ACA advocates for legislative and regulatory policies that catalyze angel investments in the entrepreneurial startups that create jobs and fuel innovation.

Priority Issues (see our one-page description of these here):

• ACA Memo to Biden Transition Team
• Republican COVID-19 Topline Summary of Emergency Relief Package, December 2020
• Democratic COVID-19 Topline Summary of Emergency Relief Package, December 2020
• The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, December 2020
• SEC’s Office of the Advocate for Small Business Capital Formation Annual Report for Fiscal Year 2020
• How to Comment: Engage in the Rulemaking Process
• Overview of Amended Capital-Raising Exemptions
• SEC Harmonizes and Improves “Patchwork” Exempt Offering Framework

• Letter to Conferees on Anti-Money Laundering Legislation 
• Side-By-Side Comparison: the Senate HEALS Act vs. the House HEROES Act
• Stakeholder Letter to Congress on Small Business Relief
• ACA Beneficial Ownership Response
• ACA Response on S7-05-20
• SEC Harmonizing of Rules Tool Kit
• Paycheck Protection Program Report by State
• Paycheck Protection Program Affiliation Rules Response Letter
• Paycheck Protection Program Loans FAQs
• NEW Paycheck Protection Program Loan Application from the Treasury and SBA 
• Paycheck Protection Program Application Form
• ACA Comments on CARES Act AffiliatiPaycheck Protection Program Loans FAQson Rules
• Coalition Letter - SBA Affiliation Rule
• CARES Flow Chart
• WBC List for Resource Packet
• Lead Small Business Development Centers
• District Offices
• State by State Lenders
• Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748)
• Congress Set to Approve Historic Coronavirus Relief Package
• The Small Business Owner's Guide to the CARES Act
• Rubio-Collilns Letter
• Rubio Collins Rescue Act
• Keeping Workers Paid and Employed Act One Pager
• Public Policy Breaking News - Covid-19 and Capitol Hill
• Main Street Response to COVID-19
• Treasury Tax Delay Regulations
• ACA Comment Letter to SEC on Accredited Investor Definition (3/8/2020)
• RIS Coalition Letter to House FY21
• RIS Coalition Letter to Senate FY21
• ACA Treasurey Comments on FIRRMA and CFIUS - ACA's response to the draft rules regarding foreign investments in US backed companies and the Implementation of Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and Committee on Foreign Investment in the United States (CFIUS).  
• SEC Concept Release on Harmonization of Securities Offering Exemptions - ACA's comments on possible ways to simplify, harmonize and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections.
• 99 Investor Problem - Solved - Small angel funds and online syndicates may now have 250 investors, instead of the old 99.
• Demo Day Exemption - The HALOS Act would allow companies presenting at "demo days" would not be "generally soliciting" their offerings, and would not have to take additional steps to verify investors are accredited.
• Accredited Investor Definition - Ensure the pool of accredited investors continues with SEC financial thresholds, and consider increasing the pool by qualifying via education and/or experience.
• Capital Gains Tax Exemption - Enhance the 100% exemption on gains in Qualified Small Business Stock, with mostly technical fixes.
• Delay Taxing Stock Options - 2018 tax reform bills would have made stock options moot for many startup employees, but ACA was part of the coalition which allows employees to pay tax on private company equity grants in five years.
• Safe Harbor for Net Operating Losses - Allow new companies to take advantage of NOLs in each round of equity funding they receive.
• State Tax Benefits - Catalyze investments in early-stage companies at the state level, with angel tax credits and other helpful programs.  See state-by-state list here.

Key Resources:

• One-Page Summary of ACA's Policy Priorities in 2018 - Covers each of the priority policy areas above (for the lay person).
• Grassroots Toolkit - How to talk with Members of Congress in their districts and states
• ACA Congressional Briefing - Leave-behind materials for Congressional meetings, including what angels do, the impact of angels and the startups we invest in, and key policy issues.
• Public Policy Advisory Council - Key attorneys who advise ACA on public policy issues of importance to ACA's membership and portfolio companies.
• State Tax Credits - Catalyze investments in early-stage companies at the state level, with angel tax credits and other helpful programs.  See state-by-state list here.