White House introduces entrepreneurship initiative

The White House announced an initiative dubbed "Startup America" intended to encourage entrepreneurship. The initiative includes a proposal to make permanent the elimination of the capital gains tax on small business stock, which was signed into law last year as a temporary measure for 2010 and 2011.

The initiative includes a proposal for two $1 billion matching funds invested over the next five years and managed by the Small Business Administration (SBA). One fund would provide a 1:1 match to private capital for early stage seed investment. The other would focus on investment in "economically distressed areas" and "emerging sectors such as clean energy." The SBA would provide up to a 2:1 match to private capital. ...