Rep. Ferraro Votes on Angel Investor Tax Credit Program

From the Connecticut General Assembly: On April 5, State Representative Charles Ferraro joined his House colleagues in passing pro-business legislation, House Bill 5583, that aims to support the growth of small businesses in Connecticut by expanding the Angel Investor Tax Credit Program to all industries.

“Expanding this pro-business program to all industries is a step in the right direction towards becoming a business-friendly state,” said Rep. Ferraro. “Large and small businesses are running away from Connecticut and investors are second-guessing investing in our state. This legislation sends a direct message to job creators and investors that Connecticut is rethinking their anti-business policies. I hope this session we continue to pass legislation that reduces regulations placed on our small businesses and investors.”

Currently, only emerging technology businesses qualify to receive credit-eligible investments. The businesses included are bioscience, advanced materials, clean technology, photonics, and information technology companies.

According to the program, a business must apply to Connecticut Innovations, Inc. (CI) for approval to receive credit-eligible investments. CI then certifies that the business meets the following applicable criteria; the business is located in Connecticut, has been in operation less than seven years, and has less than $1 million in annual revenue.

The Angel Investor Tax Credit Program was started in 2010 and has attracted 392 investors who have helped 103 companies. The bill will now head to the Senate for approval.

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