Delaware House Bill 416 (Prior Session Legislation)

---

Spectrum: Moderate Partisan Bill (Republican 8-1)
Status: Introduced on June 9 2016 - 25% progression, died in committee
Action: 2016-06-09 - Introduced and Assigned to Revenue & Finance Committee in House
Pending: House Revenue & Finance Committee
Text: Latest bill text (Draft #1) [HTML]

A number of States have adopted measures to encourage angel investors to make an investment into scientific or technology based companies. This funding is critical in order for these new companies to get off the ground and to begin operating. This bill follows other States by offering a tax credit to Angel Investors or qualified Angel Investor funds in an amount equal to 25% of the investment, with a maximum credit of $250,000.00 annually to each angel Investor or qualified fund, with a total annual state cap of $5,000,000. The Director of DEDO will be required to pre-certify the business as being a qualified recipient pursuant to the requirements identified in this Bill. A business is only eligible to be certified as a qualified recipient for one tax year. The Angel Investors are required to issue a report to the Director for any tax credits claimed, which may be revoked for non-compliance.

An Act To Amend Title 30 Of The Delaware Code Relating To Tax Credits.

Rep. Michael Ramone [R]	Rep. Jeffrey Spiegelman [R]	Sen. Gregory Lavelle [R]	Rep. Ruth Briggs King [R]
Rep. Ruth Briggs King [R]	Rep. Kevin Hensley [R]	Rep. Joseph Miro [R]	Sen. David Wilson [R]
Sen. Robert Marshall [D]

Date	Chamber	Action
2016-06-09	House	Introduced and Assigned to Revenue & Finance Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis148.nsf/2bede841c6272c888025698400433a04/3303571ea73ee54b85257f8600577356?OpenDocument
Text	http://legis.delaware.gov/LIS/lis148.nsf/vwLegislation/HB+416/$file/legis.html?open