The state Senate on Tuesday passed a revived bill to recapitalize the stateβs βangel investmentβ tax credit, which gives individual private-equity investors state credits on qualifying investments.
House Bill 2191, which would add $10 million in new tax-credit funding authority, was sent to the House, where the majority caucus recommended passage. The original bill passed the Senate but stalled in the lower chamber.
The program gives individual private-equity investors a 30 percent state credit on qualifying investments, or 35 percent for investments in rural or bioscience startups.
Backers including the Arizona Technology Council say the program has worked but angel investments have dropped since the $20 million authorized for the program in 2006 was exhausted in mid-2015.
