Angel Investor Tax Credit
One of the reasons that Cornell University was selected to build a tech center on Roosevelt Island is its strength in generating entrepreneurial activity. One way to spur this type of activity and create even more investment in New York is by adopting an "Angel Investor" tax credit. I introduced legislation in the Assembly doing just that.
"Angel Investors" are individuals willing to invest their money at the inception of a company. We must do all we can to entice them to invest here in New York City. This tax credit is a tool that we already know works. Wisconsin offers a 25 percent credit and has seen so-called 'angel investments' increase statewide from $30 million in 2005 to $180 million in 2010.
Under my proposed legislation, this credit would allow citizens to deduct against their New York State income taxes for investments of at least $25,000 in a qualifying business.
Angel investment tax credits are a win-win-win proposition. New business ventures benefit from an infusion of capital from the angel investors. Taxpayers benefit from the tax credit, which effectively serves as an immediate return on the investments. New York State would benefit because the creation of new businesses increases employment and drives innovation, which ultimately enhance our local economy.
Micah Z. Kellner
Assembly Member
Contact My Office:
District Office of Assembly Member Micah Z. Kellner
1365 First Avenue New York, NY 10021
T: (212) 860-4906 F: (917) 432-2983
Hours: M-F 9:30 a.m. - 5:30 p.m.
Roosevelt Island Hours: Every Thursday, 3:00 p.m. - 7:00 p.m.
(At the RIOC offices, 591 Main Street)
Email me: KellnerM@assembly.state.ny.us
Visit my website: www.MicahKellner.net