Specific tax incentives for venture investments have been more common at state than federal level.

As the formation of the Nasdaq stock market in 1971 was critical to initial public offerings (IPOs), so were tax laws, financial accounting standards and anti-trust regulations critical to the second, and more often used, path to investor liquidity – acquisitions. The tax-free reorganization provisions of the Internal Revenue Code, the treatment of the “pooling”…

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