Representative Mike Haridopolos's (R-FL) Greenlighting Growth Act has already passed the House Committee on Financial Services just days after he introduced it.
To reiterate, the Greenlighting Growth Act allows businesses that make less than $1.235 billion in annual revenue but have grown via acquisitions to continue filing simplified Securities and Exchange Commission (SEC) reports as Emerging Growth Companies (EGC) and only requires two years of data for analysis.
The law thereby grants companies under the EGC label greater breathing room, as the SEC's demands for data under current law create uncertainty and render EGC status redundant.
Rep. Haridopolos thanked the House Committee on Financial Services Chair French Hill (R-AR) for advancing the legislation in his press release, adding, "The Greenlighting Growth Act is a targeted, commonsense fix that ensures small businesses aren't punished for growing great success stories of the JOBS Act, helping startups raise capital and create jobs."
"But the law needs to keep pace with how these companies grow in the real world," Rep. Haridopolos continued. "This bill does that by reinforcing the original intent of the JOBS Act and removing costly uncertainty around acquisitions. I look forward to seeing this bill move swiftly to the House Floor for final passage."
Rep. Hill similarly lauded the Florida Congressman as "my friend from Florida, a new member of this Committee and the Majority Whip for the Financial Services Committee," and congratulated Haridopolos for "introducing one of his first legislative efforts in the Committee," adding, "I'm proud to support H.R. 3343, the Greenlighting Growth Act."
In March, Representative Vern Buchanan (R-FL) similarly sought to encourage small business growth with the American Innovation Act, which would quadruple tax deductions for small businesses.
"Helping entrepreneurs take their unique ideas from concept to reality will jumpstart our economy and give them a deserved shot at the American Dream," said Rep. Buchanan, adding, "As Congress prepares to address historic tax legislation, we need to focus on making it easier for small businesses to do what they do best—create jobs, advance innovation, and invest back into our communities."
