RELEASE: Murphy Reintroduces Legislation To Help Startups And Small Businesses Attract Capital
Press (Murphy)
FOR IMMEDIATE RELEASE
July 25, 2024
CONTACT
Deni Kamper
MURPHY REINTRODUCES LEGISLATION TO HELP STARTUPS AND SMALL BUSINESSES ATTRACT CAPITAL
WASHINGTON–U.S. Senator Chris Murphy (D-Conn.) on Thursday reintroduced the Angel Tax Credit Act, legislation to incentivize investment in startups and small businesses that will create good-paying jobs in high growth sectors, including science, technology, and engineering.
The Angel Tax Credit Act, which is modeled after Connecticut’s own angel state tax credit established in 2010, would encourage investors in startup companies, commonly referred to as “angel investors,” to support startups by allowing them to claim a tax credit equal to 25 percent of their aggregate qualifying equity investments of $25,000 or more to U.S.-based high-tech startups.
“Startups create hundreds of jobs and generate millions of dollars for Connecticut’s economy, but getting a new business off the ground requires capital. I’m proud to reintroduce this legislation to support economic growth and help local entrepreneurs access the investments they need to succeed in our state,” said Murphy.
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