July 6, 2017

New law expands angel investor tax credit program

A new law is on the books that expands Connecticut's angel investor tax credit program to businesses in any industry.

House Bill 5583, which Gov. Dannel P. Malloy signed last week, went into effect July 1.

The new law opens up the angel investor program beyond specified technology industries, better enabling small businesses to attract investments. The amount of credits remains capped at $3 million per year, and at least 75 percent will be reserved for emerging technology companies.

To qualify, angel investments must be at least $25,000 and come from accredited investors. The companies receiving the investments must be principally operating in Connecticut, have less than $1 million in revenue, and be seven years old or less.

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