edited on 3/29/12
LEGISLATIVE WINS!
STARTUP Act: S1826 Wyden (D-OR) and HR3427 Doggett (D-TX), Peter Stark (D CA) – introduced Dec 2011
This bill was included in the Middle Class Tax Relief and Job Creation Act of 2012. CAMEO’s first victory and we didn’t have to raise a finger.
- would help unemployed workers to start their own businesses
Entrepreneur Access to Capital Act – HR 2930 McHenry (R-NC) // S.1970 — Crowdfund Act Merkeley (D-OR)
This bill was included in the Jumpstart Our Business Startup, or JOBS, Act of 2012. CAMEO’s second victory. Thanks to those of you who called and were on Capitol Hill.
- To amend the securities laws to provide for registration exemptions for certain crowdfunded securities, and for other purposes.
PENDING LEGISLATION
Entrepreneur Startup Growth Act: H.R. 3571 Chu (D-CA) – introduced Dec 2011
- would help low-income business owners file taxes, get training
- Latest Major Action: 12/6/2011 Referred to House Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Microenterprise and Youth Entrepreneurship Development Act of 2011 HR 2809 Richmond (D-LA)
- California co-sponsors: Karen Bass, Barbara Lee, Laura Richardson – introduced October 2011
would strengthen PRIME and emphasize underserved populations - Latest Major Action: 10/4/2011 Referred to House Subcommittee on Insurance, Housing and Community Opportunity.
Growing Opportunities for Agriculture and Responding to Markets Act of 2011 – S. 1888 Casey (D-PA) and Harkin (D-IA) – introduced Nov 2011
- Relending program like RMAP to start a local farm biz, 0% capital with an 85% federal loan guarantee
- Latest Major Action: 11/17/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Investing in America’s Small Businesses Act: HR3635 Maloney – introduced Dec 2011
- would give new loan loss reserves and funding for CDFIs
- Latest Major Action: 12/12/2011 Referred to the House Committee on Financial Services.
Small Business Lending Enhancement Act of 2011, S 509, Udall (D-CO) and HR 1418 Royce (R-CA) – introduced March and April 2011, respectively.
- Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria.
- Latest Major Action: 3/8/2011 Referred to committees.
These two bills were introduced in April of last year. They will expand access to capital for very small businesses. More specifically, the companion bills (one in the House and one in the Senate) would increase the percentage of credit union assets that may be loaned from 12.25 percent to 27.5 to its member businesses, as long as certain safeguards and monitoring are met. The bills introduced are H.R. 1418 by Rep. Edward Royce (R-CA) and S. 509 by Sen. Mark Udall (D-CO). The bills have bi-partisan support in both houses including lots of California sponsors.
The Rural Microbusiness Investment Credit Act of 2011 H.R. 2858 Kind (D-WI) and Herger (R-CA) – introduced Sept 2011
- would help new enterprises start and existing enterprises grow by providing a 35 percent tax credit on up to about $30,000 of new investment.
- Latest Major Action: 9/7/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means
Startup Act of 2011 S. 1965 Moran (R-KS) and Warner (D-VA) – introduced December 2011
- would give tax credits for investment in small business, ease high skilled immigration, collect data, cost-benefit on small business for new regulation
- Latest Major Action: 12/8/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Note: another bill is in draft form, we will post as soon as it is introduced.