PA 11-254—sHB 6399

Commerce Committee

Government Administration and Elections Committee

AN ACT CONCERNING APPLICATIONS FOR ANGEL INVESTOR TAX CREDITS

SUMMARY: This act eliminates a requirement businesses must meet before they can accept “angel investments” under PA 10-75, which provides personal income tax credits for people investing at least $100,000 in start up, technology-based Connecticut businesses approved for such credit-eligible investments.

To be approved, a business must apply to Connecticut Innovations, Inc. —the state's quasi-public venture capital agency—to be included in the list it maintains of eligible businesses. (Investors use the list to identify the businesses in which they wish to invest. ) Under prior law, the application had to include a description of the business' proprietary technology, product, or service. The act eliminates this requirement.

EFFECTIVE DATE: July 1, 2011 and applicable to taxable years beginning on or after January 1, 2011.

OLR Tracking: JR: JK: VR: ts