South Carolina Angel Investors now have until July 31, 2015 to apply for Angel Investor Tax Credits for qualified 2014 investments.
Angel investor tax credits were created as part of the High Growth Small Business Job Creation Act of 2013 to encourage investment in early state, high-growth, job creating businesses. The deadline to apply for credits is December 31st each year, but a recently passed budget proviso allows investors a one-time opportunity to apply for 2014 credits if they missed last year’s deadline. To date, $2,880,057 in investor credits have been approved for 2014 investments, leaving $2,119,943 available under the annual $5 million cap.
Matt Dunbar, Managing Director of the South Carolina Angel Network (SCAN) noted, “Its encouraging to see that the claimed angel tax credits more than tripled in 2014 from their inception 2013 – which indicates the credits are doing what they were designed to do – which is foster the formation of more early stage capital for South Carolina’s entrepreneurs. We see further evidence of that activity with the rapid growth of our statewide angel network, which now includes more than 200 investors in 8 angel groups.”
Dunbar went on to say, “We encourage current and potential angel investors across the state to take advantage of this opportunity to file for any missed credits in 2014 – and to remember to file by the year-end deadline for 2015 investment activity.”