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What our members have to say...
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"It was a great experience and had some serious investors interested with our products and services/business plans and financials which hopefully will turn into fruitful business partnerships. Thanks to Tania for coordinating and encouraging us to get in time before the half of the year starts."
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Georgina Sybico - Roving Theatre Adventures |
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The Colorado House of Representatives passed House Bill 1045 - also known as the angel investor tax credit - on Friday
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The Colorado House of Representatives passed House Bill 1045 - also known as the "angel investor tax credit" - on Friday, with bipartisan support. It is now up to the Colorado Senate to approve it before the end of the legislative session on May 11.
The bill, sponsored in the House by Rep. John Kefalas, D-Fort Collins, would renew the Colorado Innovation Investment Tax Credit, initially created in 2009 to encourage investments in small and startup businesses.
The bill expired in 2010 after a one-year pilot program. If signed into law this year, it would provide investors in small businesses a state income tax credit of 15 percent of their donation up to a maximum credit of $20,000.
Investments eligible for the credit must be at least $25,000 to businesses less than 5 years old involved in research, development or manufacturing of new technologies, products or processes.
The program's primary goal is to encourage investment in small, early-stage companies, helping small businesses become successful and, ultimately, make significant contributions to the local economy.
For now, the bill doesn't include any money to support the potential tax credit, but Kefalas and his co-sponsor, Sen. Linda Newell, D-Denver, hope funds can be made available in the future through the Colorado Office of Economic Development and International Trade.
During its pilot run, the angel investor tax credit allowed investors to claim over $600,000 in credits for donating to 21 businesses statewide in 2010. The businesses that received the investments were able to create 28 jobs for Colorado residents.
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