Amidst all the current challenges, and although the deadlines have changed, one thing is certain: a lot of people are working on their taxes.
Among the work involved in preparing tax returns for VentureSouth’s investment entities is passing South Carolina angel investor tax credits through to investors.
This year, VentureSouth members invested in eligible companies from A to Z (literally: Atlas Organics to Zylö Therapeutics), several in between (like Punchlist) and even one outside the alphabet (6AM City). Those investments were made more attractive by the angel tax credit.
The “credit award letters” received from the Department of Revenue this February featured the phrase “2019 Angel Investor Credit Proration Factor: 0.462361165656885.” It might not be immediately obvious, but that represents a major milestone in the evolution of angel investments in South Carolina. This next series of posts will try to explain why.