Whats wrong with Act 221 in Hawaii (the state tax credit for investment in high tech)?
A. It’s a wonderful law, but most tax laws need to be refined. There are unintended consequences. I’ve been in the venture capital business since 1980, and every state at some point has tried to create a law like this. Every one of them has either gone away or been radically modified because people do try to take advantage of it. What it creates is an investment for tax purposes. The best companies don’t get funded. The best tax deal gets funded. By: David Butts Honolulu Advertiser Honolulu, HI http://www.honoluluadvertiser.com in NASFV.org Barry Weinman Age: 64 Title: Managing director, co-founder. Company: Allegis Capital, a $500 million Silicon Valley venture capital fund. High school: Brooklyn Technical College: B.A. from Clarkson College of Technology; master’s degree from University of Southern California/London School of Economics • • • Q. What’s wrong with Act 221 (the state tax credit for investment in high tech)? A. It’s a wonderful law, but most tax laws need to be refined.
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