Vote Smart's Synopsis:

Vote to pass a bill that amends tax law related to "Angel Investor Tax Credits."

Highlights:

• Defines Angel Investor as an accredited investor who is a natural person or an owner of a permitted entity investor, who is of high net worth, and who seeks high returns through private investments in start-up companies and may seek active involvement in business, such as consulting and mentoring the entrepreneur (Sec. 1).

• Increases tax revenue allowance from (Sec. 2):

• $50,000 to $100,000 for a single Kansas business for tax year 2021; or 

• $250,000 to $350,000 for single year per investor who is a natural person or owner of a permitted entity investor

• Specifies that tax credits shall not exceed (Sec. 2):

• $6,000,000 from 2012 through 2022; 

• $6,500,000 for tax year 2023; 

• $7,000,000 for tax year 2024;

• $7,500,000 for tax year 2025; and

•  $8,000,000 for tax year 2026.

• Specifies that businesses that lose qualifications for the Angel investment program will be required to pay back all of the investments made into their business (Sec. 3).

Full Bill Text