Bill > S256

This bill, the American Opportunity Act of 2011, proposes to amend the Internal Revenue Code to create an "Angel Investment Tax Credit" that would allow individuals and entities to claim a tax credit equal to 25% of their qualified equity investments in eligible small businesses. A "qualified small business entity" is defined as a U.S.-headquartered domestic corporation or partnership that is considered a small business, operates in a high-technology sector, has been in existence for less than five years, and employs fewer than 100 full-time employees, with over half of them working in the U.S. The bill also establishes a national limit of $500 million per year for these credits from 2011 through 2015, requires the Secretary of the Treasury to create regulations for allocating these credits to businesses, and mandates that the Comptroller General audit the program and report to Congress on its implementation.