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Bill proposes 25 percent tax credit for angel investors

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Gov. John Carney joined legislators this week in announcing a bill designed to spur investment in startups and small businesses.

The Angel Investor Job Creation and Innovation Act would create a refundable tax credit for angel investors.

“This legislation would encourage investments in innovative, Delaware-based small businesses and connect our most talented entrepreneurs with the resources they need to be successful,” Gov. John Carney said.

The credit would cover up to 25 percent of the investment. Businesses must pay decent wages, employ fewer than 25 employees, and engage in “innovation” to be eligible. Qualified business models include creating a new product or using new technology to increase the value of a product, process, or service.

“Our future rests with people whose names we probably don’t even know, who are creating new breakthroughs in science and technology,” said Senate President Pro Tem David McBride. “But those brilliant innovators need help to take their ideas from the drawing board into our homes and businesses. I think this bill creates an avenue to spur that growth and help keep Delaware’s place as a home of innovation and invention.”

The bill has been assigned to the Economic Development Committee in the Delaware House of Representatives.

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