News from the Alaska State Legislature, the Office of Senator Costello
For Immediate Release: July 18, 2016
Costello Bill Helping Business Start-Ups and Promoting Innovation Signed Into Law
ANCHORAGE – Alaskans have a new tool to start and invest in local businesses, thanks to legislation by Senator Mia Costello (R-Anchorage). Senate Bill 126, the Innovating Alaska Act, implements a new concept to grow Alaska’s economy through equity crowdinvesting. The bill was signed into law by the Governor today.
“Entrepreneurship and business start-ups are key to growing our state’s economy,” said Sen. Costello. “Crowdfunding is an exciting new way to create Alaskan jobs and help finance small businesses.”
SB 126 implements a paradigm shift in business creation. It refines onerous regulations to make it easier for Alaska businesses to get capital to grow, and allows average Alaskans to invest in businesses being started in their communities. Investments made through crowdinvesting are limited to $10,000 for investors and $1 million for businesses raising capital. More than 24 states have enacted similar intra-state crowdinvesting laws.
“At a time when Alaska is facing great challenges we need to focus on the economy, not just the state budget,” said Sen. Costello. “This bill is a subtle, but potent way to move Alaska’s economy forward through innovation.”
For more information, please contact Weston Eiler in Senator Costello’s office at (907) 465-4962.
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