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House economic development committee adopts amendment to Angel Investment tax-credit bill, votes substitute do pass
Summary
The committee adopted a House committee amendment (0.02h) to House Bill 682, the Angel Investment Act, and voted the committee substitute do pass by voice and roll call (14–0).
Chairman Gallick moved adoption of House committee amendment 0.02h to House Bill 682 and then the substitute was approved and the bill was voted "do pass." The committee recorded a roll-call vote of 14 yes, 0 no on the House committee substitute.
The amendment and substitute revise the Angel Investment Act (the "Angel Tax Credit" language discussed in committee). Committee members said the amendment clarifies regional specifics and the bill would provide tax credits tied to angel investments. Representative Wilson asked, "Madam chair, does 0.02h include the angel tax [credit]? Am I understanding this correctly?" Chairman Gallick answered, "It it absolutely does." Representative Brown urged support, saying, "Good bill. Please support."
Sponsor remarks described the credit’s structure as presented to the committee: the measure would give an angel investment tax credit to participating individuals, with the sponsor saying aloud figures during the discussion (for example, percentages described as "50% ... 40% ... 50 to the rural counties") and noting one minor change in regional language that prompted the amendment. The sponsor also said the bill had recently passed through Higher Education and Workforce Development and expected to be executed out of that committee without opposition.
The committee adopted House committee amendment 0.02h by voice and then rolled that amendment into a House committee substitute. After brief discussion, the committee voted the substitute "do pass." The committee chair conducted the roll call; recorded yes votes included Chairman Gallick, Vice Chair Thompson, Representative Johnson, Amato Brown, Castile, Dean, Hales, Harusa, Jacobs, Jones, Martin, Riggs, Rush, Titus, Ranetti and Wilson (14 yes votes). The committee announced the final tally as 14 yeses and 0 nos.
The action advances the bill out of the committee; further consideration (floor scheduling, amendments, appropriation impacts) was not recorded during the committee session.
