Pennsylvania SB191 amends tax credit definitions and establishes an Angel Investment Tax Credit Program to encourage early-stage business financing.
Pennsylvania SB191 amends the Tax Reform Code of 1971 to redefine "tax credit" and introduces the Angel Investment Tax Credit Program. This program aims to foster a business environment conducive to early-stage financing, increase capital investment, and stimulate job creation. The bill sets a cap of $100 million on annual tax credits, with $20 million reserved for small businesses. It also outlines procedures for credit application, carryover, and repayment, and mandates annual reporting on credit usage. The program is set to commence for investments made after December 31, 2025.
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