Gov, John Carney on Thursday signed into law House Bill 170, theAngel Investor Job Creation and Innovation Act, at the Delaware Technology Park at the University of Delaware’s STAR Campus.
The Angel Investor Job Creation and Innovation Act establishes a refundable tax credit for qualified investors in Delaware small businesses to spur job creation and innovation. The lawestablishes guidelines for awarding a tax credit worth up to 25 percent of the investment in a qualified, Delaware-based small business.
Businesses receiving the investment must pay decent wages, employ fewer than 25 employees, and engage in innovation in one of several areas as its primary business activity, according to a release from the governor’s office.
Carney called for passage of the Angel Investor Job Creation and Innovation Act in his 2018 State of the State Address.
“As a prime sponsor of the Angel Investor Act, I know that by enacting this legislation we are taking a significant step in helping to strengthen Delaware’s economic development climate,” saidRep. Michael Ramone, R-Newark. “Getting to this point today was certainly a collaborative effort by legislators, the Governor, and the small business community, and one that I believe will result in definite job growth in Delaware.”
“By encouraging investment in technology startups, Delaware is making another strategic move to enhance its economic competitiveness. It is painstaking and difficult work to advance a startup and this new program will provide an infusion of capital to businesses at a critical time,” saidRepresentative Bryon Short, D-north Wilmington. “These resources will foster innovation in our state and support entrepreneurs growing their businesses.”
“We believe that keeping innovation created in Delaware in the state is a key component of future success for the life sciences industry,” saidHelen Stimson, CEO of Delaware BioScience Association. “We are delighted to have this new Angel Investor Tax Credit program to entice investors to support our startup companies. This benefit coupled with Delaware’s attractive R&D tax credit program provides key benefits needed to keep our innovators in the state.”