Angel Investigator Program Expands- House Approves Legislation

From CGA: Legislators in the House of Representatives voted today to support the growth of small businesses in Connecticut by expanding access to the angel investor tax credit program. Expansion of the program means more start-ups and entrepreneurs, in any industry, can benefit from angel investors.

“Access to capital is one of the toughest stumbling blocks to growing a business,” Rep. James Albis (D-East Haven) said. “I am pleased we have taken a step forward today to increase access to critical funding.”
“By moving forward with this legislation today we are sending yet another positive sign to the businesses in the state of Connecticut that we want to do what we can to help them expand and create jobs,” said House Speaker Joe Aresimowicz (D-Berlin/Southington)

“The business community came to us and said we’d like to expand those companies that are eligible for this credit because they are going to use them,” said House Majority Leader Matt Ritter (D-Hartford). “What that means is that they are going to use their own money to hire Connecticut people to create jobs in our state and grow our economy.”

In the years since Connecticut’s angel investor tax credit program began, 103 companies have benefited from investments by 392 angels. On average, businesses funded by angels have a better chance of staying in business – and adding to their workforce.

According to the University of New Hampshire’s Center for Venture Research, angel investors helped to grow the nation’s workforce by more than 264,000 jobs in 2014 with an average of 3.6 jobs created per investment project. In 2015, angel investors pumped $24.6 billion into the U.S. economy.

Expansion of the angel investment tax credit program gives investors and small businesses more opportunities to grow, prosper and contribute to Connecticut’s economy.

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