NY A09958

Creates a 25 percent income tax credit for angel investors making investments of $25,000 or more in qualifying businesses, with maximum credit of $62,500 (25 percent of $250,000).

Qualifies businesses must have less than $1 million in gross revenues, no more than 25 full-time employees (with at least 60 percent employed in New York State), and have operated in the state for no more than 7 consecutive years.

Limits angel investor eligibility to accredited investors under federal securities law, excluding those controlling 50 percent or more of the business and excluding venture capital companies, banks, and similar entities whose normal business includes venture capital investment.

Restricts qualifying businesses from receiving more than $2 million in total angel investor credit-eligible investments.

Allows unused credits to carry over to subsequent tax years and applies to personal income tax years beginning January 1, 2013 and later.