S. 4637 · 116th Congress
Angel Tax Credit Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MurphySponsorNo cosponsors.
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…
What it does: CRS summary · Introduced in Senate · Sep 22, 2020
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Angel Tax Credit Act
Latest action (Sep 22, 2020): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 22, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.