Devlin applauds passage of pro-business ‘Angel Investor’ tax credit expansion

To encourage private investment in Connecticut companies, State Rep. Laura Devlin (R-134) supported a proposal this week which opens the state angel investor tax credit program to businesses in any industry or sector. Currently, only specified technology industries qualify for the tax credits.

Rep. Devlin said, “This is a great way to incentivize angel investors to invest in worthwhile state businesses. Legislators heard from many state companies that opening the tax credit to all businesses would permit the investments to choose the businesses rather than have the state pick winners and losers. This is just avenue to make our state more business-friendly.”

The Angel Investor Tax Credit is a tax credit for angel investors with a cash investment of $25,000 or more in a qualified Connecticut business. Qualified businesses must apply to Connecticut Innovations (CI) and be approved to be eligible for a tax credit.

The legislation, HB-5583, An Act Expanding Investment Eligibility Under the Angel Investor Tax Credit Program opens the angel investor tax credit program to businesses in any industry.

The bill passed unanimously in the House of Representatives and now moves to the Senate for final legislative approval.

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