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State-Sponsored Venture Capital Are CAPCOs a Solution or a Problem（五）
State-Sponsored Venture Capital: Are CAPCOs a Solution or a Problem?
— Daniel Sandler*
The US formal venture capital industry is large by any standard. However, it is a mistake to generalize about a “US” venture capital industry because relatively little of the country, in terms of geographic area, benefits from that industry. As a consequence of the limited geographic scope of venture investing and its important impact on building an entrepreneurial culture, particularly in the high tech sector, many US states have adopted programs to increase venture capital investment as a means of creating quality jobs, new wealth, and fostering economic development in the state. The primary programs through which state governments can facilitate formal venture capital investment are:
government funded and managed venture capital funds (VCFs);
government investment in private VCFs;
tax credits for private investment in VCFs.
This article critiques a particular VCF program of the third variety that has gained some notoriety: certified capital company (CAPCO) programs, which target venture capital investment from insurance companies with a 100 percent premium tax credit for the money they invest in CAPCOs. However, CAPCO programs are, in my view, a waste of limited state resources and, in fact, may do more harm than good in developing a regional venture capital industry.
Louisiana was the first state to adopt a CAPCO program, in 1983. Other states were slow to follow suit, although since 1997 eight other states have introduced similar legislation and many other states (as well as Washington, DC) have been heavily lobbied by a relatively concentrated CAPCO industry. Four major CAPCO groups—Advantage Capital, Enhanced Capital, Stonehenge Capital and Newtek—accounted for approximately 80 percent of the $1.65 billion of the total state tax credits granted between 1986 and 2001 across all US states. These CAPCO groups spend a significant amount of time and money lobbying to maintain
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