Archives from month » June, 2011

Addabbo Co-Sponsors CAPCO Bill to Help Small Businesses Get Venture Capital Funding

New York may be renewing its CAPCO program for the first time since 2005:

NYS Senator Joseph P. Addabbo, Jr., (D-Queens) is pleased to announce that he is a co-sponsor of  legislation (S.5587) introduced in the Senate by Senator James Alesi (R-Rochester) that would amend the state’s tax law to authorize the state to license six certified capital companies to raise $150 million in private venture capital from insurance companies in order to assist New York businesses that require funds not available from traditional commercial banks through all stages of development:  pre-startup, start-up, expansion, or survival.  In exchange for investing in qualified businesses, the insurance companies would get premium tax credits, with such issuance to be delayed four years. While the economic benefits of the program begin almost immediately, the delayed tax credits would have no fiscal impact to New York State until 2015. Read more »