HB 05005 Summary

• Increases the maximum angel investor tax credit from $250,000 to $500,000 per investor for cash investments of at least $25,000 in qualified Connecticut businesses earning 25% tax credits.

• Extends the deadline for Connecticut Innovations, Incorporated to reserve angel investor tax credits from July 1, 2019 to July 1, 2024.

• Increases the annual aggregate limit for reserved angel investor tax credits from $3 million to $5 million per fiscal year.

• Raises the gross revenue threshold for "small contractor" eligibility in the state set-aside program from $15 million to $20 million in the most recently completed fiscal year.

• Allows angel investor tax credits to be prioritized for veteran-owned, women-owned, minority-owned businesses, and businesses owned by individuals with disabilities after April 1 of each fiscal year.