STATEMENT: "STATEMENT: CT Senate Passes Expansion of Angel Investor Tax Credit Program (H.B. 5583)"

CT Senate passes angel investor tax credit bill 2017

Hartford, CT (June 7, 2017) - The CT Senate passed a bill (H.B. 5583) that opens the angel investor tax credit program to businesses in any industry, instead of just those in specified technology industries and generally restricts the amount of credits that may be awarded for investments in businesses in those technology industries.

In response, Brett Broesder, co-founder and vice president of Campaign for Tomorrow’s Jobs, said that this legislation is important because angel investors provide much-needed capital to small businesses and startups, and startups that receive angel investor funds grow employment by 40 percent more than non-angel funded startups. 

“For Connecticut to compete with its neighboring states for tomorrow's jobs, state lawmakers need to take action on measures that provide entrepreneurs and business owners with the tools necessary to grow and thrive,” said Broesder. “That is exactly what expanding investment eligibility under the state's angel investor tax credit program does; angels provide much-needed capital and mentorship to businesses that create jobs right here at home. This is great news for Connecticut and puts our state on the cutting edge for incentivizing Shark Tank style angel investors."

To read more about the bill, click here
https://www.cga.ct.gov/2017/BA/2017HB-05583-R000347-BA.htm.

To read testimony from the public hearing on the bill, click here
https://www.cga.ct.gov/asp/menu/CommDocTmyBillAllComm.asp?bill=HB-05583&doc_year=2017.

About Campaign for Tomorrow’s Jobs
The Campaign for Tomorrow’s Jobs focuses on growing Connecticut’s economy for present and future generations in three key policy areas: workforce preparedness, business growth & innovation and fiscal sustainability. Read more at www.tomorrowsjobs.org.
 

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