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Bills · 2009-2010 Regular Session

AB 77

Died at session end Official bill text Atom feed

increasing the amount of the early stage seed and angel investment credits.

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, a person may claim an early stage seed investment income

and franchise tax credit in an amount equal to 25 percent of the person's initial

investment paid to a fund manager that the fund manager invests in a business that

is certified by the Department of Commerce (Commerce) to receive such investments.

The total amount of all credits that may be claimed in any calendar year after 2007

is $6,000,000 and the total amount that may be claimed in all taxable years is

$52,500,000. Under this bill, the total amount of all early stage seed investment

credits that may be claimed in any calendar year after 2008 is $10,225,000 and the

total amount that may be claimed in all taxable years is $102,250,000.

Under current law, an individual may claim an income tax credit in each

taxable year for two years, beginning with the taxable year certified by Commerce,

in an amount equal to 12.5 percent of the individual's bona fide angel investment in

a new business venture. The total amount of all credits that may be claimed in any

calendar year after 2007 is $5,500,000 and the total amount that may be claimed in

all taxable years is $47,500,000. Under this bill, the total amount of all bona fide

angel investment credits that may be claimed in any calendar year after 2008 is

$8,775,000 and the total amount that may be claimed in all taxable years is

$87,750,000.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: A. Ott (R) , Barca (D) , Berceau (D) , Brooks (R) , Davis (R) , Fields (D) , Gunderson (R) , Honadel (R) , Knodl (R) , LeMahieu (R) , Murtha (R) , Newcomer (R) , Nygren (R) , Pridemore (R) , Ripp (R) , Roth (R) , Spanbauer (R) , Strachota (R) , Suder (R) , Townsend (R) , Van Roy (R) , Vos (R) , Zipperer (R)

8 cosponsors

Erpenbach (D) , Harsdorf (R) , Hopper (R) , Kanavas (R) , Kedzie (R) , Leibham (R) , Olsen (R) , Plale (D)

Full history

  1. Feb 20, 2009 · Assembly

    Introduced by Representatives Strachota, Fields, Knodl, Ripp, Barca, Spanbauer, Berceau, Brooks, Vos, Van Roy, Honadel, Zipperer, Suder, Murtha, Davis, Roth, Nygren, A. Ott, Newcomer, Pridemore, Townsend, LeMahieu and Gunderson;Cosponsored by Senators Kanavas, Hopper, Leibham, Kedzie, Erpenbach, Olsen, Harsdorf and Plale

  2. Feb 20, 2009 · Assembly

    Read first time and referred to committee on Jobs, the Economy and Small Business

  3. Mar 5, 2009 · Assembly

    Fiscal estimate received

  4. Mar 26, 2009 · Assembly

    Fiscal estimate received

  5. Apr 28, 2010 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1