Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Democratic Senator Mark Warner from Virginia, who is a former venture capitalist, is fighting to make changes in proposed tax legislation that the VC industry

“The revised language on venture capital reflect a proposal from Sen. Mark Warner (D., Va.),” reports Venture Wire. “The taxes on long-term portfolio investments and sales of fund managers’ own partnership stakes are still significantly higher than under current law – at 30%, they would represent a doubling of the current 15% capital gains tax treatment.”

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Mark Heesen, president of the N.C. Venture Capital Association, noted in his blog about the Senate movement:

"As we have said unequivocally before, this debate is not over. That said, we believe the Senate continues to move in a positive direction of protecting long term investment in our nation’s start-up economy. "

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