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Rep. Darshawn Kendrick revives Angel Investor Tax Credit, proposes $5 million annual cap and wider eligibility
Summary
Representative Darshawn Kendrick presented House Bill 8 (LC500946) to revive a previously expired Angel Investor Tax Credit, proposing a 35% credit, a $5 million annual cap, same-year claimability and removal of the "qualified investor" requirement.
Representative Darshawn Kendrick presented House Bill 8 (LC500946), a revival of Georgia's Angel Investor Tax Credit, saying the measure is intended to attract investment capital to the state.
Kendrick said the bill would restore the credit that previously operated from February 2011 until it sunset in 2018 and make three changes: add a $5,000,000 cap on total credits available each calendar year; allow an investor to claim the credit in the same tax year as the investment instead of waiting until the next tax filing; and remove the bill's prior requirement that claimants be a "qualified investor." "So any Georgian that invests into a qualified business can take advantage of this 35% dollar for dollar tax credit on their Georgia tax returns," Kendrick said.
The sponsor told the committee the prior program saw limited use in part because eligibility required a wealthy or otherwise "qualified" investor; removing that requirement, he said, would allow more Georgians to use the credit. Kendrick also noted a fiscal note was attached to the bill but did not discuss the fiscal estimate on the floor.
Committee members did not ask questions during the hearing and the item was presented as a hearing only. No formal action or vote was recorded in the transcript of this session.
The measure is currently at the committee hearing stage; staff and the author signaled availability to answer later technical questions and review the fiscal note as the bill advances.
