Bill > HB158

This bill transfers the review and approval of the Angel Investment Credit from the Economic Development Department to the Taxation and Revenue Department, while requiring application materials to continue to be sent to the Economic Development Department. The key provisions of the bill include: 1. The Taxation and Revenue Department will now be responsible for allowing the Angel Investment Credit, with a maximum annual aggregate of $2 million in credits allowed per calendar year. 2. The Taxation and Revenue Department must report annually to the Revenue Stabilization and Tax Policy Committee and the Legislative Finance Committee on the utilization and effectiveness of the Angel Investment Credit. 3. The bill specifies the requirements for a "qualified business" and a "qualified investment" that are eligible for the Angel Investment Credit. 4. The bill applies to applications for the Angel Investment Credit for qualified investments made on or after January 1, 2019.