23 May 10 more firms qualify for investor tax credits
The state Department of Commerce has qualified 10 more businesses for investor tax credits under Act 255, which allows investors in small research and development firms to get up to 25 percent of their money back.
Commerce can give out up to $3.5 million to venture capitalists and $3 million to angels per year for at least 10 years. It’s up to the business to sign up and to qualify, so investors should just have to sign the paperwork.
Investors say that the credits rarely make them more likely to invest in an individual company, but help draw more attention and money to angel and venture investment as a category.
Of the 10 companies qualified this time around, most are in the life sciences. A full list of qualified companies is available from the Commerce Web site.