N.C. General Assembly Extends Qualified Business Venture Tax Credit; NCBIO, CED Lead Coalition to Encourage Passage of the Bill.Business Editors RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--July 21, 2003 The North Carolina General Assembly The North Carolina General Assembly is the state legislature of the U.S. state of North Carolina. The General Assembly makes the laws of North Carolina, also known as the General Statutes. has voted to extend the Qualified Business Venture (QBV QBV Quantum Barrier Varactor QBV Query-Based View QBV Quality by Vision Ltd. ) Tax Credit, which allows individuals up to a 25 percent state tax credit for investments in qualified small companies. Before closing its session over the weekend, the N.C. General Assembly adopted the tax credit bill and sent it to Governor Mike Easley Michael Francis (Mike) Easley (born March 23, 1950) is the current governor of the U.S. state of North Carolina. He is a Democrat and North Carolina's second Catholic governor. , who is expected to sign it into law within 7 to 10 days. The North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Biosciences Organization (NCBIO) and CED (Capacitance Electronic Disc) An earlier videodisc technology from RCA that was released in 1981 and abandoned five years later. Like phonograph records, the analog disc contained grooves that a stylus rode over. collaborated on retaining and supporting this lobbying effort for the extension of the QBV Tax Credit, with support from angel investors and other partners such as North Carolina Citizens for Business and Industry, the Greater Raleigh, Durham, Greenville-Pitt and Winston-Salem Chambers of Commerce, and NCEITA NCEITA North Carolina Electronics and Information Technologies Association . Raleigh attorney and lobbyist Harry Kaplan led the lobbying efforts to extend the tax credit. "In the current economic climate, we've seen a real dearth of seed-stage financing for early-stage companies. The QBV Tax Credit will be instrumental in getting these companies some funding," said Monica Doss, CED's president. "We are really pleased, in this tough budget climate, that the General Assembly continued to make a supportive environment for emerging companies a top priority." The QBV Tax Credit amount is limited to $50,000 for an individual and is capped at $6 million total statewide each year. The tax credit will help qualified early stage companies attract angel, or seed-stage investments. Sam Taylor, executive vice president of NCBIO, said the QBV Tax Credit was a central element of capital infrastructure for emerging companies in North Carolina. "Early-stage companies depend on angel and mezzanine capital Mezzanine capital (or mezzanine debt) is a broad financial term that refers to unsecured, high-yield, subordinated debt or preferred stock that represents a claim on a company's assets that is senior only to that of a company's shareholders. - the kind of capital this tax credit targets," Taylor said. "The extension of this important tax credit could not have happened without the support of lots of people throughout the technology sector, including NCBIO, CED and NCEITA. I'm very pleased that NCBIO could be a part of that team." About CED: The Council for Entrepreneurial Development, located in Research Triangle Park, NC, is a private, non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. formed in 1984 to stimulate the creation and growth of high-impact companies in the greater Research Triangle region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED is the largest entrepreneurial support organization in the nation with more than 4,000 members representing 1,100 entrepreneurial companies, financiers and professional firms. www.cednc.org About the North Carolina Biosciences Organization: NCBIO is a trade organization promoting the development of the biosciences industry in North Carolina. NCBIO provides cost-effective, organized legislative and advocacy efforts on behalf of the industry at the state and federal levels. |
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