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Photo of Senator Joan Hartley.

STATE SENATOR

Joan Hartley

An Independent Voice

Expanding Access to Angel Investors

I was proud to lead passage of House Bill 5583, a bill that expands the application of Connecticut's Angel Investor Tax Credit Program to all businesses in our state. Angel investors are individuals who make investments of $25,000 to $1,000,000 in small businesses. This program currently offers a 25 percent credit, up to $250,000, to individuals who invest in bioscience and high tech businesses. The bill we passed this year will make that credit available to investors in all Connecticut small business.

investor graphic.

Angel investors are the top source of access to capital for startups, making them a major contributor to job growth. Studies have credited angel investors with creating 264,200 new jobs in 2014 across the United States and have found that startups funded by angel investors are more likely to survive and create new jobs. Since the angel investor tax credit program was established in our state, 200 investments have been made by 90 investors in more than 50 companies. These investments are critical to growing a strong economy, and we should be encouraging them, not placing limits on what kind of investments we feel people should be making. Enacting HB 5583 into law will expand access to angel investors, growing more businesses and creating jobs for people of all backgrounds and skill sets.