CT SB01132

Extends the angel investor tax credit by removing the July 1, 2014 sunset date, allowing credits to be reserved indefinitely at a maximum of $3 million per fiscal year after July 1, 2012.

Allows angel investors to claim a tax credit equal to 25% of cash investments of at least $25,000 in qualified Connecticut businesses, with a maximum credit of $250,000 per investor.

Defines eligible Connecticut businesses as those with less than $1 million in annual gross revenues, fewer than 25 employees (75% state residents), operating less than 7 years, primarily owner-managed, and receiving less than $2 million in eligible investments.

Requires the Commissioner of Revenue Services to report by December 31, 2013 on expanding the angel investor tax credit and research and development tax credit, including plans to convert the angel investor credit to a state coinvestment program.

Changes the review requirement from submission to a single joint standing committee to submission to joint standing committees having cognizance of commerce and finance matters.