Arlen Specter: “I am introducing this legislation which is designed to be an economic stimulus to promote jobs and economic opportunity.…”

“I am introducing this legislation which is designed to be an economic stimulus to promote jobs and economic opportunity. Unquestionably, small minority and women-owned businesses can and must play an integral role in expanding our economy, but they cannot do so unless we are able to close the great capital gap facing these businesses. This bill, captioned the Minority and Women Capital Formation Act of 1997, would close this gap by providing targeted tax incentives for investors to invest equity capital in minority and women-owned small businesses, as well as venture capital funds which are dedicated to investing in minority and/or women-owned businesses. As long as the Internal Revenue Code continues tax incentives to promote specified business activities, then I believe this legislation is warranted.”