|Posted:||December 3, 2012 11:00 AM|
|From:||Senator Wayne D. Fontana|
|To:||All Senate members|
|Subject:||Co Sponsorship: Angel Investment Tax Credit|
|In the near future, I plan to reintroduce legislation that would amend Title 12 (Commerce and Trade) by providing for angel investment tax credits. I previous worked on SB 1265 during the 2011-12 session with Senator Earll.
The purpose of angel investment tax credits are to create a business environment in Pennsylvania that attracts and encourages early stage financing which generates business opportunities with the potential for high growth. Angel investments will also increase capital investments as well as encourage job creation in our state.
A qualified angel investment is a purchase of equity interest or any other expenditure made by an individual or network of individuals who review new businesses or proposed businesses for potential investment opportunities. The greatest problem that entrepreneurs often face is raising capital in the endeavor they are developing or promoting. Many banks, private equity firms, and venture capitalist view the endeavor as too risky in the current economic climate.
Previous co-sponsors included Senators Greenleaf, Vogel, Pippy, Waugh, Gordner, McIlhinney, Boscola, Costa, Ferlo, Browne, Yudichak, Blake and Farnese.
Introduced as SB141