Senator John Kerry (D-Mass.), former Chairman of the Small Business Committee, today applauded the launch of President Barack Obama's "Startup America Partnership," an initiative to spur high-tech job creation through innovative small businesses and start-up firms. The initiative is expected to be included in the President's FY 2012 budget request.
One provision directs the Small Business Administration (SBA) to funnel $2 billion to start-ups and another would permanently eliminate capital gains taxes for small business stock -- an idea originally authored by Senator Kerry as Chairman of the Small Business Committee.
"The global high-tech market is growing faster than ever before, and we need to meet this moment so America can create the jobs of the future here at home," said Senator Kerry. "This proposal will empower the small businesses that can fuel our economic recovery and renew our economy for a new generation. Supporting our small businesses shouldn't be a partisan issue --smart decisions like this will enable the United States to continue to lead the world in this young century."
Kerry's proposal to eliminate capital gains for small business stock won temporary victories after being included in the "Small Business Jobs Act" in September, 2010 as well as the "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010." The President's budget for fiscal year 2012 would make this provision permanent.
The Startup America Partnership will bring together top entrepreneurs, start-up firm funders, CEOs, university presidents, foundations, and other leaders to help entrepreneurial companies start or grow. In Massachusetts, MassChallenge and TechStars Boston were both chosen as two of the initial programs to partner with President Obama's newest program.