The New York State Senate has approved a bill that creates an angel tax credit for those who invest in certified startup-business enterprises.
State Senator John DeFrancisco (R–Syracuse) announced the approval on Thursday.
The bill authorizes the state’s commissioner of economic development to certify startup-business enterprises in targeted industries and technologies and allocates $7 million in angel-tax credits annually.
(Sponsored)
It’s Time for Your Business to Think About Year-End Tax Planning
As the year-end approaches, it’s time to take proactive steps to help lower your business’s taxes for 2024 and beyond. Deferring income and accelerating deductions to minimize taxes can be
Criminal Liability for Employment Law Violations?
New York employers are often surprised to learn that wage law violations can lead to criminal penalties in addition to financial penalties. Whether payroll is outsourced, or a staffing agency
The minimum investment is $100,000 and is capped at $1 million per individual small business, according to DeFrancisco’s office.
Small businesses in New York are at a “disadvantage” to those located in other states which offer economic-development programs and tax credits supporting business development, DeFrancisco said in a news release.
“The angel tax credit provides an incentive for investment to keep New York small businesses growing,” the Republican added.
More than 20 states have implemented programs to attract and retain investment capital using tax credits. The angel tax credit will help create a “business-friendly tax environment that promotes private investment within emerging businesses,” DeFrancisco’s office said.
The New York State Assembly is now considering the legislation.
Contact Reinhardt at ereinhardt@cnybj.com
