Bill would start seed capital fund
Submitted by: John Warner on Dec 27, 2007 at 7:55 am
Tagged with: Entrepreneur, Investment, Venture Capital
Source: Greenville News
Investors to receive tax credits for funding small businesses, proposed legislation says
By Rudolph Bell
BUSINESS WRITER
dmbell@greenvillenews.com
Investors in South Carolina startup companies would be eligible for special tax breaks under legislation pre-filed by a state senator from Spartanburg.
Sen. Jim Ritchie, a Republican who may run for governor, said he thinks promising companies trying to get off the ground need more funding options.
The South Carolina Entrepreneurial Success Fund Act he is sponsoring would use tax credits to encourage investors to create a fund of at least $10 million.
Seventy percent of the money would have to be invested in South Carolina companies that are three years old or less, a riskier proposition than investing in more-established companies.
| Organizations | State of South Carolina |
|---|---|
| Source | Greenville News |
| Submitter | John Warner |
| Tags | Entrepreneur, Investment, Venture Capital |
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