The Legislature has not yet formally adjourned, and the potential of reconvening again this session is still possible, so the future is uncertain. We call on the NC Senate to bring the original H680 NC JOBS Act bill up for a vote on its own. The North Carolina economy and job creation in our state will suffer if we fail to enable this new way of financing small businesses and startups across the state.
As of today, 12 states have already enabled intrastate investment crowdfunding, and 11 more states have started the process. Most have followed the lead of H680, which was the first intrastate crowdfunding legislation to be proposed and passed by any state house last year. This is now a nationwide trend, and North Carolina is in danger of missing the boat on this great opportunity.
Intrastate Crowdfunding Exemptions Enabled as of July 2014:
The fate of this bill is in the hands of the NC Senate leadership. This legislation enables a new type of financing known as intrastate investment crowdfunding. It has been endorsed by many of the top startup and business leaders in the Triangle community. The list includes endorsements from CEOs, founders, managing directors, partners, and investors at our leading startup accelerators, our leading venture capital funds, individual angel investors and angel funds, a leading CPA firm, the North Carolina Technology Association, the North Carolina Biotechnology Center, SAS Institute, UNC Chapel Hill Technology Development Center, Triangle area business attorneys, and many of our local technology startup CEOs. This is a strong showing of support that we received in a 72 hour period recently. These startup community leaders are representative of the over 14,000 startup and small business community members and everyday investors across our state that have visited our NC JOBS Act blog to learn more, and are excited about the possibilities to start and grow a new business, or expand an existing business, or invest in a favorite local business opportunity, and create more jobs.
We urge the Senate leadership to do the right thing, bring the original bill up for a vote, and pass H680.
Please call and email your expressions of support for H680 to the Senate Leadership. Senator Berger is Senate President Pro Tem, Senators Gunn and Meredith are the co-chairs of the Senate Commerce committee, and Senators Rucho and Rabon are the co-chairs of the Finance committee. Senator Apodaka is Chairman of the Rules Committee. Please ask them to move the original H680 bill as passed by the NC House forward. Representative Tom Murry is Chairman of the House Commerce Committee and the Chief Sponsor and creator of H680. The original bill needs quick action by the Senate before the end of the current session. Since H680 has already passed the Senate without changes or opposition as part of H1224, it will be very easy and quick to move it through the Senate and get this bill to the Governor's desk. We urge the Senate to get this done now!
Thank you for your support.
The NC JOBS Act Team
Contact information for NC Legislators:
Office : 919-733-5776