WASHINGTON–U.S. Senator Chris Murphy (D-Conn.) on Thursday reintroduced the Angel Tax Credit Act, legislation to incentivize investment in startups and small businesses that will create good-paying jobs in high growth sectors, including science, technology, and engineering.
The Angel Tax Credit Act, which is modeled after Connecticut’s own angel state tax credit established in 2010, would encourage investors in startup companies, commonly referred to as “angel investors,” to support startups by allowing them to claim a tax credit equal to 25 percent of their aggregate qualifying equity investments of $25,000 or more to U.S.-based high-tech startups.
“Across Connecticut, startups are driving forces for job creation. But they need access to capital in order to get off the ground and keep up with growth. This legislation would help entrepreneurs secure the investments necessary to grow their businesses and help strengthen our economy,” said Murphy.