Contact your Senator and urge them to vote in favor of the IA Angel Tax Credit Program. We need this to help entrepreneurs secure the necessary investors to fund their startup businesses and create new jobs in the state.
Here’s the press release from the Technology Association of Iowa:
Call to Action: Iowa Angel Tax Credit Program – Urge Senate Passage
The Technology Association of Iowa (TAI) is pleased to report that legislation (HF 688) to fund the Iowa Angel Tax Credit Program passed the Iowa House last evening overwhelmingly 98-1. Please help advance this bill by contacting your member of the Senate today and urge a “Yes” vote.
Our previous Call to Action included advocacy for an amendment that would authorize an additional $10 million in Innovation Fund investment tax credits. The amendment to accomplish that was not offered. It is critical that TAI members understand the following:
- There remain considerable differences in budget and policy priorities between Governor Branstad, the House Republicans, and the Senate Democrats
- This reality means we have to be vigilant until the very end of session as negotiations ebb and flow until adjournment
- In order to remain viable for this year- we MUST keep HF688 moving through the process- even if it doesn’t currently contain everything we have advocated for
- TAI is committed to finding a way for BOTH the Angel and Innovation Fund incentives to become law this year
FACTS:
- HF 688 authorizes IDED to award $2 million annually in angel investment tax credits for investments made in Iowa businesses with a net worth of $5 million or less.
- These credits would be set at 20% of a qualified investment and the redemption delayed to the 3rd tax year following the year of investment.
- These credits would fall under the $125 million IDED tax credit cap, meaning they would NOT expand the amount that the legislature has already authorized IDED to award annually.
ASSIGNMENT:
- Please email your State SENATOR immediately. Find your Senator here: http://www.legis.iowa.gov/Legislators/find.aspx
- Urge a “YES” vote for the Iowa Angel Tax Credits authorized in House File 688
- Deliver any intelligence/feedback you learn from these contacts ASAP
- Email your House member and thank them for their support last evening
URGENCY: The SENATE will convene tomorrow, THURSDAY, May 12. These contacts must be made NOW.
If you have any questions about HF 688 and/or its amendment, please contact TAI lobbyist Mark Joyce at iowa.lobby@gmail.com or 515-238-8860.