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What our members have to say...
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"We found the AIN event to be a great opportunity to present our company profile in a 4 minute pitch format. The team provided invaluable pre-pitching coaching to assist us in preparing for the night. We would certainly participate in future events"
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Laura Issa - www.nsinnovations.com.au |
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Illinois state investment tax credit garners interest, but no takers so far
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A new tax credit program designed to create an incentive for investment in new, innovative companies has seen interest from companies but so far no investment.
The Angel Investment Credit program, which started this year, gives people or firms a tax credit for investing in certain qualified companies in Illinois that develop new products or services. The companies must have the potential to create jobs and investment in Illinois.
Brian Selinger, who manages the program for the Department of Commerce and Economic Opportunity, said he's gotten requests for applications from investors, but none of them have come back yet.
"It's a little slower to take shape," he said.
The tax credit would be equal to 25 percent of an investment of up to $2 million. The program is capped annually at $10 million in tax credits.
DCEO director Warren Ribley said the biggest difficulty for new companies is getting access to capital through investment, so they can expand.
So far, the department has deemed 13 businesses eligible for the program, and Ribley said it has been getting about six new applications every week. Businesses already registered include software and drug developers.
Ribley stressed that the program has only come into existence this year, and final rules for administering it will be set May 10.
"It is on track," Ribley said. "We've had a number of companies apply to us to register to become eligible for investment. That's really the first step."
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