Proposal:Angel Tax Credit Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 4637
Type of Legislation	Senate Bill
Congress	116
Status	Archived — 116th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Angel Tax Credit Act

This bill allows a new business-related tax credit for 25% of equity investments of $25,000 or more in a domestic corporation or partnership that (1) has its headquarters in the United States, (2) has gross revenues for the taxable year of less than $1 million, (3) employs fewer than 25 full-time employees, (4) has been in existence for less than 7 years as of the date of the investment, (5) has more than 50% of its employees performing substantially all of their services in the United States, and (6) is engaged in a high technology trade or business. The bill limits the allowable amount of such credit to $250,000 in any taxable year and imposes an overall limitation on such credit of $500 million for each of calendar years 2020 through 2024.

Bill Title

Angel Tax Credit Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2020-09-22: Read twice and referred to the Committee on Finance.
• 2020-09-22: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.