Bill > H4134

This bill extends and updates the High Growth Small Business Job Creation Act, primarily focusing on the Angel Investor Tax Credit program in South Carolina. The bill extends the sunset date of the program from December 31, 2025 to December 31, 2035, allowing qualifying angel investors to continue receiving tax credits for investments in small, high-growth businesses for an additional decade. The legislation refines definitions of key terms like "angel investor" and "qualified business," specifying that angel investors must be accredited investors who are state residents or subject to state taxes, and that qualified businesses must be relatively new (less than five years old), small (25 or fewer employees), and primarily engaged in specific industries like manufacturing, software development, or research and development. The bill also requires the Department of Revenue to track and report annually on registered businesses, including details about capital raised, jobs created, and average wages. Additionally, the legislation renames the chapter to the "High Growth Small Business Job Creation Act - Angel Investor Tax Credit Act" and will take effect upon the Governor's approval, providing continued support for small business investment and job creation in South Carolina.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4134&session=126&summary=B