Bill > S07033

This bill provides for an angel investor income tax credit for investments in qualified businesses that exceed $25,000. The credit is 25% of the investment, up to a maximum of $250,000. A qualifying business must have not yet generated revenue or have gross revenues under $1 million, have 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 eligible investments from angel investors. An "angel investor" is defined as an accredited investor, excluding those who control 50% or more of the qualifying business or are venture capital companies or similar entities. The credit can be carried over to future years if it exceeds the taxpayer's tax for the year.