As the state’s premier trade association for science and technology companies, the Arizona Technology Council applauds Arizona legislators for the passage of SB1124, which includes provisions extending the Small Business Capital Investment Incentive for another 10 years. Continued funding of this program was a top legislative priority for the Council in FY 2021.
Angel Investment Tax Credit
Helping the state reach this achievement have been investors showing they believe in what startups and others in Arizona have created to improve our lives. The Legislature has the opportunity to do the right thing by recognizing the economic engine this program has been proven to be and voting to extend the angel investor tax credits for another 10 years. This is an investment in Arizona’s future, not only for the state’s startup community but also for taxpayers here and future generations of entrepreneurs.
As the premier trade association for science and technology companies, the Arizona Technology Council is urging state legislators to extend the Small Business Capital Investment Incentive, commonly referred to as the angel investor tax credit, for another 10 years. This is a program that needs to be continued because it has helped Arizona’s economic success and helped Arizonans fulfill the American dream of being able to start and grow small businesses here and be able to provide for their families while supporting their communities.
Venture capital. It’s a phrase that can conjure images of celebrations marking paydays for innovators and payoffs for investors. However, there are no guarantees that funding will move a company ahead in its lifecycle or that those with the deep pockets will ever see a penny in return.
Incentives for innovation: The Angel Investment Tax Credit program is set to expire June 30, 2021. That’s why the Arizona House of Representatives is considering HB 2409 in the current legislative session. Continuing the tax credits is key to innovation cultivation and truly becoming the tech hub we’re meant to be.
As the Arizona Legislature approaches the midpoint of their current session, I would like to share with you some pending legislation lawmakers are considering that would not only support our technology community but also residents of Arizona. Two bills would extend two enormously successful tax credit programs while another measure would help fuel expansion of a mindset focused on science, technology, engineering and math.
AZTC CEO Steve Zylstra discusses why re-authorization of Arizona’s Angel Investment Tax Credit program beyond 2021 is necessary to continue the infusion of investment in the startup community and is necessary to continue the tech success the state has experienced since the inception of the program.