HB3706 Summary

• Increases maximum annual angel investment tax credit from $10,000,000 to $20,000,000, with $10,000,000 reserved for priority industries (industries with high growth potential as determined by the Department)

• Raises credit rate for investments in disenfranchised community businesses from 25% to 40% of the investment amount

• Lowers the "related member" ownership threshold from 50% to 33% to determine investor eligibility

• Prohibits tax credits for investments that are part of a refinancing of prior investments in the same business

• Authorizes the Department of Commerce and Economic Opportunity to charge a $500 application fee for angel investment credit certification