Today, U.S. Senator Scott Brown paid a visit to the Cambridge Innovation Center to meet with entrepreneurs and discuss job creation in Massachusetts and around the country. The Cambridge Innovation Center is home to more than 250 start-ups and emerging businesses.
"The businesses at work here have the potential to create new industries and jobs for Massachusetts," said Senator Brown. "But these entrepreneurs need help converting their new ideas into jobs; that's why I continue to push for pro-growth policies and have filed targeted legislation to speed their success."
Earlier this year Senator Brown introduced the bipartisan Innovate America Act with Senator Amy Klobuchar of Minnesota. The bill would encourage the commercialization of research and development by expanding the Basic Research Tax Credit to include all industry-funded university research. With so many world class educational institutions Massachusetts is a leader in this type of research.
The Innovate America Act would also allow companies to take a 30 percent tax credit for donating equipment to high schools and technical and community colleges, a move that would assist in the training of new high-tech workers. The Innovate America Act also includes a provision to link federally-funded researchers with individuals and firms who may be able to invest in their projects and bring them to market.
Young companies with promising new ideas often face difficulties gaining access to capital early on. To help with this problem, Senator Brown has introduced the American Opportunity Act, another bipartisan bill co-sponsored with Senator Mark Pryor of Arkansas.
The American Opportunity Act encourages investment in early-stage companies that have the potential for significant economic growth and job creation. The bill would provide a 25 percent federal income tax credit for investing in qualified small businesses, including companies in advanced manufacturing, aerospace, biotech, clean energy, and medical devices -- industries that are critical to Massachusetts' future growth.