Bill > S07896

This bill provides for an angel investor income tax credit for investments in qualified businesses that exceed $25,000. The key provisions of the bill are as follows: 1. It creates a new tax credit for angel investors (accredited investors who are not controlling 50% or more of the qualified business and are not venture capital firms) who invest $25,000 or more in qualified businesses. The credit is 25% of the investment, up to $250,000. 2. To qualify, the business must have less than $1 million in annual revenue, no more than 25 full-time employees (with at least 60% in New York), have operated in the state for no more than 7 years, and have received no more than $2 million in investments eligible for this credit. 3. The credit can be carried over to future tax years if it exceeds the investor's tax liability in the year it is claimed. 4. The bill applies to personal income tax returns for tax years beginning on or after January 1, 2023.