Bill Text: CT HB05116 | 2010 | General Assembly | Introduced
Bill Title: An Act Establishing Tax Credits For Angel Investors.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2010-02-10 - Referred to Joint Committee on Commerce [HB05116 Detail]
Download: Connecticut-2010-HB05116-Introduced.html
General Assembly |
Proposed Bill No. 5116 |
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February Session, 2010 |
LCO No. 177 | ||||
Referred to Committee on Commerce |
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Introduced by: |
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REP. FLEISCHMANN, 18th Dist. |
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AN ACT ESTABLISHING TAX CREDITS FOR ANGEL INVESTORS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to allow a credit against the tax imposed under chapter 229 of the general statutes for a cash investment in the qualified securities of a Connecticut business by an angel investor. The credit shall be in an amount equal to twenty-five per cent of such investor's cash investment, provided no credit shall be greater than one hundred twenty-five thousand dollars. The Commissioner of Economic and Community Development shall compile a list of Connecticut businesses qualified to receive cash investments eligible for said tax credits. The aggregate amount of all tax credits that may be reserved by the Commissioner of Revenue Services shall not exceed ten million dollars in any one fiscal year. The amount of such credit allowed to any investor shall not exceed the amount of tax due from such investor under chapter 229 of the general statutes with respect to such taxable year. Any tax credit not used in the taxable year during which the cash investment was made may be carried forward for the five immediately succeeding taxable years until the full credit has been allowed.
Statement of Purpose:
To increase entrepreneurial activity in Connecticut by providing a tax credit to angel investors who make investments in very new businesses.