H.R.6099 - SEED Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Carnahan, Russ [D-MO-3] (Introduced 07/11/2012)|
|Committees:||House - Transportation and Infrastructure; Financial Services|
|Latest Action:||07/31/2012 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6099 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (07/11/2012)
Supporting Entrepreneurial Economic Development Act of 2012 or the SEED Act of 2012 - Amends the Public Works and Economic Development Act of 1965 to prohibit a recipient of an economic adjustment grant from making, but permits a venture development organization to make, a grant, equity investment, or convertible loan to a private for-profit entity.
Requires such an organization that assists a private for-profit entity with funds made available from an economic adjustment grant and that receives funds from such entity at any time as a result of such assistance to use such funds only to assist other private for-profit entities.
Defines a "venture development organization" as a public entity or private, nonprofit entity that provides to an early-stage technology business, to promote the growth of that business: (1) financial investment or assistance acquiring financial investment, (2) expert mentoring, and (3) assistance to speed the commercialization of technology.